{"id":8992,"date":"2021-08-31T14:14:04","date_gmt":"2021-08-31T13:14:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8992"},"modified":"2021-08-31T14:14:12","modified_gmt":"2021-08-31T13:14:12","slug":"south-africas-central-bank-governor-does-not-qualify-crypto-as-currency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-africas-central-bank-governor-does-not-qualify-crypto-as-currency\/","title":{"rendered":"South Africa’s central bank governor does not qualify crypto as currency"},"content":{"rendered":"\n
The governor of the South African Reserve Bank (SARB)<\/a>, Lesetja Kganyago, has stated that cryptocurrencies should not be classified as a currency, rather they are to be likened as assets since they are not generally accepted.<\/h5>\n\n\n\n
\"South<\/figure>\n\n\n\n

During an interactive discussion at the Wits Business School Leadership Dialogues\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the central bank chief compared bitcoin to assets rather than currency, according to MoneyWeb.<\/p>\n\n\n\n

Cryptocurrencies only meet two of the three currency characteristics, according to South Africa's central bank governor:<\/p>\n\n\n\n

\u201cA cryptocurrency is a store of value. It is a medium of exchange but is not generally accepted. It\u2019s only accepted by those who are participating in it.\u201d<\/p><\/blockquote>\n\n\n\n

Central bankers and other actors in the legacy financial system frequently criticize Bitcoin (BTC) and cryptocurrencies, as Kganyago did.<\/p>\n\n\n\n

Crypto, on the other hand, is gaining acceptability <\/a>as a payment method, particularly in retail marketplaces. El Salvador was also the first Central American country to adopt Bitcoin as legal cash, a step that could be duplicated by other countries in the region.<\/p>\n\n\n\n

Given the increased acceptance of cryptocurrencies, card payment networks such as Visa and Mastercard are also integrating crypto payment options.<\/p>\n\n\n\n

In response to a question about the SARB's crypto mandate, Kganyago stated that the central bank was looking to regulate the crypto market in order to protect investors.<\/p>\n\n\n\n

Crypto companies in the country have already expressed concerns that a lack of clear laws is damaging the local bitcoin industry.<\/p>\n\n\n\n

Indeed, various bogus investment products have been widespread in the South African bitcoin industry<\/a>, siphoning millions of dollars from unwary victims.<\/p>\n\n\n\n

Crypto scams<\/h2>\n\n\n\n

Following the disappearance of $3.6 billion in Bitcoin from the company's coffers in July, the operators of South African crypto corporation AfriCrypt apparently absconded.<\/p>\n\n\n\n

Another well-known crypto Ponzi scheme, Mirror Trading International<\/a>, has received international notice, with the US Federal Bureau of Investigation taking part in the investigation.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has stated that cryptocurrencies should not be classified as a currency, rather they are to be likened as assets since they are not generally accepted. During an interactive discussion at the Wits Business School Leadership Dialogues , the central bank chief compared bitcoin to […]<\/p>\n","protected":false},"author":12,"featured_media":8995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[132,389,4168,938],"class_list":["post-8992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto","tag-currency","tag-sarb","tag-south-africa"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/South-Africas-central-bank-governor-does-not-qualify-crypto-as-currency.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8992"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8995"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}