The central bank of South Africa, responsible for monetary policy and financial stability in the country.
Treasury backs down on crypto rules after ‘thousands’ of comments
Finance Minister Enoch Godongwana stated that the National Treasury and Reserve Bank will rewrite draft rules for crypto asset movement after receiving thousands of comments. The new approach will shift from pre-approvals to assessing transactions for legitimacy and tax compliance.
Treasury’s crypto crackdown is a betrayal of Mandela’s promise
Nelson Mandela pledged in 1996 to phase out exchange controls, a commitment that remains unfulfilled thirty years later. The South African Treasury's draft regulations aim to include crypto assets in capital flow management, replacing outdated apartheid-era regulations.
What Makes Offshore Money Transfers Challenging?
South African banks lag behind in international money transfers, using outdated technologies and manual processes. This leads to delays, frustration, and higher costs for customers.
