Crypto doesn't qualify as a currency, says South Africa's central bank governor


Lesetja Kganyago, Governor of the South African Reserve Bank (SARB), has spoken out against classifying crypto as a currency.

The central bank chief compared crypto to assets rather than currencies during an interactive session at the Wits Business School's Leadership Dialogues, according to a report by MoneyWeb.

According to the Central Bank Governor of South Africa, cryptocurrencies only meet two of the three currency criteria:

“A cryptocurrency is a store of value. It is a medium of exchange, but it is not widely accepted. It is only accepted by those who take part. "

Kganyago's comments are a frequent criticism from central bankers and other actors in the old financial system against Bitcoin (BTC) and cryptocurrencies.

However, crypto is gaining increasing acceptance as a means of payment, especially in the retail markets. El Salvador also recently became the first country to adopt Bitcoin as legal tender, a move that could be repeated for other Central American nations.

Card payment networks such as Visa and Mastercard are also using crypto payment options given the widespread acceptance of cryptocurrencies.

Related: South African regulators issue new warnings about crypto investing

Commenting on SARB's crypto mandate, Kganyago noted that the central bank wanted to regulate the crypto market to protect investors. Crypto companies in the country have previously warned that the lack of clear regulations is hurting the local cryptocurrency industry.

In fact, the South African cryptocurrency scene has been full of several fraudulent investment products that have siphoned off millions of dollars from unsuspecting victims.

Operators of the South African crypto company AfriCrypt fled in July after Bitcoin worth 3.6 billion US dollars disappeared from the company's coffers. Mirror Trading International, another well-known crypto-Ponzi scheme, has attracted international attention, with the United States Federal Bureau of Investigation participating in the investigation.

Kganyago also announced that the central bank is interested in blockchain and that SARB is experimenting with the novel technology. As Cointelegraph already reported, SARB began the preliminary study of a possible digital central bank currency for private customers back in May.

https://dailyaffiliatemarketingnews.com/crypto-doesnt-qualify-as-a-currency-says-south-africas-central-bank-governor/

Comments

Post a Comment

Popular posts from this blog

Chia Coin Crypto Mining: Try Chia with 16 TB Sabrent SSDs

Image
introduction I avoided writing about cryptocurrency mining articles, but I had to check out Chia cryptocurrency mining when it hit my radar a few months ago. After really immersing myself in Ethereum mining a few years ago and still paying the electricity bill many years later, mining with my SSD sounded like fun. VIEW GALLERY - 17 PICTURES Sabrent got in touch and pretty much packed 4 x 4 TB Rocket NVMe PCIe 3.0 M.2 SSDs and an ASUS Hyper M.2 X16 Card V2 that supports the 4 x NVMe M.2 SSDs. In total, I have 16TB of super-fast PCIe 3.0-based NVMe SSD storage to play around with - it feels so utterly overwhelming to have 16TB of flash storage in my computer, but I love it. It continues with its use for the best cause - for mining chia crypto coins. At first I was so very hesitant, I wanted to do an article for Sabrent, but then using the SSDs for chia coin mining feels like hardware abuse. It's different than having your GPU working 24/7 for crypto mining because you can do i...
Read more

8 Free Social Media Advertising Programs That Will not Put You to Sleep

Image
Greater than half of the world’s inhabitants makes use of social media as we speak for nearly each side of life. This makes it a staple in any digital advertising technique, however with a number of quickly evolving platforms, it’s a little bit of a beast to harness for enterprise progress. The opposite drawback, as you’ll quickly be taught, is that discovering a free social media advertising course that's truly price your time is tougher than it needs to be. Which is why I’m excited to share with you my checklist of eight programs that make for fascinating and related on-line studying experiences. Every course covers a barely totally different side of social media advertising, together with: Model constructing and search engine optimisation Technique constructing and monitoring Social listening and monitoring Fb and Instagram promoting Influencer advertising TikTok advertising and promoting Variety and inclusivity in social media Paid social methods In two hours or much less Earli...
Read more

Would you like to leave corporate content marketing for a startup? Here's what I would have known

After more than five years in the corporate environment, you are hungry for change. Marketing trends seem like tectonic plates shifting beneath you, but you stand still right where you were a few years ago. Professionally, you feel the need to join a startup - because of its speed and ambitious OKRs, its culture lessons, its need for experimentation, its actual customer and user obsession, its everyday mentality. In your opinion, your career depends on these experiences. You have the feeling that your career could stall otherwise. But there are a few things you should know before joining. Feel the turbulence in your bone bon In your past jobs at market giants, most of the days and weeks felt the same. Aside from a historic deal that was won or lost, a tough week or month has a similar emotional tenor as a good week or month. At the start, your experience will mimic the dynamics of a concert: euphoric highs mixed with some heartbreaking lows. Most days, however, will be exciting. ...
Read more