The logos of the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), the stablecoin Tether (USDT), Binance Coin (BNB) and Solana (SOL) can be seen on the trading platform CoinMarcetCap. (Image with longer exposure time).
JOHANNESBURG - Crypto and Stablecoins might be on the rise, but the South African Reserve Bank has flagged them as a threat to the country's financial sector.
This was revealed in the latest Financial Stability Review report.
The South African Reserve Bank says risks arise from the lack of complementary and full regulatory framework.
This is due to South African exchange laws not covering digital assets.
The Central Bank and National Treasury are developing new rules to amend the exchange control laws.