The South African Reserve Bank (SARB) - the country's central bank - allegedly intends to introduce new rules on the use of digital currencies to discourage users from evading currency controls.
According to a local Business Report business publication published on 2 December, SARB Deputy Governor Kuben Naidoo said the new rules would be implemented in the first quarter of 2020, after a five-year series of consultations on the issue.
Naidoo's statements followed the decision of FirstRand Bank, one of South Africa's largest financial institutions, to discontinue providing banking services to digital currency exchange at the end of November. The FNB was reported to have blamed for this move on regulatory uncertainty.
Blockchain and cryptographic communities have already reacted to the idea of further control of the currency in the crypt.
Cryptographic currencies have proved popular in South Africa, where 10.7% of the country's population has a crypto, which is the highest of all the countries surveyed. The instability of the South African family, which is one of the most unstable currencies in the world, has led consumers to seek protection for their money.
Cross-border payments are a factor contributing to cryptographic popularity in this country, especially considering the fact that remittances are often sent from countries such as South Africa to 15 other countries of the continent.
In August, the main South African cryptographic exchange Luno recorded an average daily turnover in excess of 80 million South African randas ($5.4 million). Luno saw a significant increase in the number of new customers, reaching a milestone of three million portfolios in 40 countries on its platform.
