South African Central Bank to Reportedly Introduce New Crypto Regulations
Ana Alexandre's original article for cointelegraph.com reduced by 48%
The South African Reserve Bank - the country's central bank - is purportedly going to impose new regulations for the use of digital currencies in a bid to deter users from evading currency controls. Naidoo's statements followed a decision of FirstRand Bank - one of the largest financial institutions in South Africa - to discontinue providing banking services to digital currency exchanges in late November. Cryptocurrencies have proved to be popular in South Africa, with 10.7% of the country's residents owning crypto, which is the highest of any country surveyed.
The South African rand's volatility, which is one of the world's most volatile currencies, prompted consumers to seek protection for their money. Cross-border payments are a contributing factor of crypto popularity in the country, especially given how remittances are often sent from countries like South Africa to 15 other countries on the continent in what is known as the Southern African Development Community. In August, major South African crypto exchange Luno saw an average daily trading volume exceeding 80 million South African rand.
In the meantime, members of BRICS - including South Africa - discussed the creation of a new cryptocurrency at a recent summit in mid-November.
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Summarised crypto news.