South African Reserve Bank to Introduce New Cryptocurrency Rules

the South African Reserve Bank s ARB is aiming to introduce new crypto rules to crack down on cryptocurrency use cases in evading currency controls the rules will likely come forth in the first quarter of 2020 the SAR B deputy governor Cubana doe told journalists about the forthcoming rules but the report hasn't been shared or verified by any official yet local banks such as FN B have already pushed forward their efforts to shut down the banking accounts of companies that are involved in dealing with cryptocurrencies as per F and B it is a prudent course of action which follows the potential risks associated with the cryptocurrency since the cryptocurrency space still reportedly lacks the appropriate regulatory frameworks this being said s ARB intends to put restrictions on the limit of local currency being sent out of the country in fact it has already had the limitation of our 1 million for companies as well as individuals to send local money outside of the country however for the reports citizens can send after our 10 million by owning the special application to the SAR B as this limitation restricts citizens in South Africa to send money out of the country for foreign investment purposes cryptocurrency is apparently being used widely the SI RB is set to enforce these rules by q1 2020 images courtesy of or on this story visit the news article link you