Every country or nation has its own unique take on cryptocurrencies and the idea of decentralization. Some have welcomed the decentralization with open arms, such as El Salvador, while at the same time, there are nations that completely repel from the use of cryptocurrencies and have a very negative stance around them, such as China. South Africa, on the other hand, has a very classic take on cryptocurrencies as the country considers these to be digital assets and not currencies in any shape or form.
The commissioner of the financial sector conduct authority has filled in the news that South Africa will be closely working on new crypto regulations, which will be made available in 2022. This is not the first time a draft is being revised in South Africa regarding crypto regulations, as the same has happened before. As soon as there is a revision or editing that needs to be done, the whole thing is called off, and a later date is given for it. The commissioner has also encouraged citizens should be paying more attention as the country develops its own CBDC that will be distributed by the South African Reserve Bank.
There have been reported many scams taking place in South Africa in the past regarding cryptocurrencies, and at the same time, the interest of people in decentralization is also skyrocketing, which calls for a revision of crypto regulations within the country, new guidelines will be provided in 2022 according to financial sector conduct authority. These new guidelines will be about the trading of different cryptocurrencies such as Ether, XRP, and Litecoin.
The commissioner of the financial sector conduct authority has shared his own remarks regarding cryptocurrencies, and he says that South Africa sees cryptocurrencies as digital assets rather than being a currency of any sort. That is why the country presumes that these are not a threat to the financial stability of the South African economy. But it is better to build a framework around the use and trading of cryptocurrencies that have different guidelines and elaborative rules under which everyone can play the game.