CAPE TOWN – On Wednesday, The SA Reserve Bank (Sarb) published its views on regulating cryptocurrency through a consultation paper in the country.
The document offers recommendations for policy proposals to industry participants and gives an overview of the perceived risks and benefits associated with crypto-assets which it has made open to comment from the public until February 15, 2019.
Business Report spoke to industry players to understand how this would affect businesses in South Africa.
Jacques Sibomana, chief operating officer for Kuba said: "We have seen the rise in cryptocurrency platforms and traders with a majority of platforms come from not so trusted places. I believe that this white paper and the Sarb regulation would be great for early adopters as more safety is introduced in the space."
"For the SMMEs especially those that are operating in a cash-based environment, it will be great to see Sarb introducing training to them on the use of cryptocurrency as opposed to cash, for safety purposes."