South Africa to regulate cryptocurrency operations

Unlike some other African countries that are against cryptocurrency, South Africa is embrasing the innovation and its authorities are gathering suggestions for cryptocurrency regulation. The outdated National Payment System Act 78 from 1998 will be updated to cover unregulated areas which have emerged with digital financial technology.

The South African Reserve Bank (SARB) and the National Treasury will receive comments until February 2019, despite arguments presented by SARB that regulation of cryptocurrency may affect growth and innovation of the industry.