IFWG releases position paper on crypto assets

Recently,
the Intergovernmental Fintech Working Group of South Africa has released its policy
position paper on crypto assets. The policy position paper aims to provide particular
recommendations for the development of a regulatory framework for crypto assets,
including suggestions on the required regulatory changes to be implemented.

As per the
reports, IFWG mentioned the crypto industry as a possible but unlikely risk to
the country's monetary system at present and will remain without legal tender
status.

The Intergovernmental Fintech Working Group, which is comprised of South African Reserve Bank, Financial Sector Conduct Authority and the National Treasury, referred to a survey that establishes the fact that 10.7 percent of South African internet users have some investments in Bitcoin, making the regulations of the sector a priority.

Source - Finance Magnets

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