Pretoria, Wednesday, March 6, 2024- The Treasury of South Africa announced on February 21, 2024, that the authorities were planning to use stablecoins and blockchain, paving the way to enhance the lives of insignificant groups. 1
It is revealed that a policy change is planned to promote stablecoins as digital payments with an inclusively guided scheme.
The consequences of blockchain-based tokenization on domestic financial markets would be explored through a task group, and it is expected to be published as a document by December 2024, South African officials said. 2
The digital assets of crypto have been accepted as financial products in South Africa since October 2022. The crypto products are recognized as the digital representation of value, and changes have been made to the country’s legal framework by the Financial Services Authority of South Africa (FSCA).
The requirement of a license for the cryptocurrency exchanges within the country was announced in July 2023 by the South African authorities, and the FSCA added that a fine would be imposed if the exchanges were made without a license after the deadline.
However, to fortify the foreign exchange market and the national currency, Binance has limited access to the P2P platform for local users.
- crypto.news: https://crypto.news/south-africa-plans-to-use-stablecoins-and-blockchain-as-a-way-to-promote-equality/[↩]
- treasury.gov: https://www.treasury.gov.za/documents/National Budget/2024/review/FullBR.pdf[↩]
