South Africa’s Central Bank Warns Crypto Could Undermine Capital Controls
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The South African Reserve Bank is warning that cryptocurrencies and stablecoins pose a direct challenge to the country’s financial regulations.
In a new financial stability report, the SARB explicitly stated that the “exclusively digital – and therefore borderless – nature” of these assets allows them to circumvent Exchange Control Regulations.
This warning comes as the bank officially adds digital assets to its list of financial stability risks, driven by data showing 7.8 million users and $1.5 billion in custody within the South African market.
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