South Africa Accepts Crypto as a form of Payment

South Africa Is Considering Crypto As A Form Of Payment

South Africa’s Reserve Bank SARB and the national treasury are looking to add new mechanisms for the national payment system (NPS), and crypto is one of them. Regulators are looking to update the outdated national payment system which was adopted in 1998. They have now invited all interested parties to discuss the new bill. The regulators are paying interests in innovative digital technologies. They are paying special attention to cryptocurrency and distributed ledger technology.

Regulatory Organizations in South Africa

South Africa’s regulatory organizations are searching for new mechanisms for the NPS (National Payment System) and also consider cryptocurrency as part of it, as indicated by the nation’s government website.

SARB, the nation’s reserve bank, and the National Treasury looks for changing a set of infrastructures as well as mechanisms within the NPS which is proven helpful for transferring money between the legal entities as well as common citizens. The law on the NPS (National Payment System) now looks outdated since it was adopted in 1998.

Financial regulators invite all the interested parties for the purpose of discussing the new bill. It will be adopted, yet it needs to be taken into the account of global trends so that it may cover those financial sectors too which didn’t previously exist. South Africa is widely known to be one of the most advanced nations in the African continents for blockchain technology and the cryptocurrency.

It is important to pay special attention to the systems, service providers, as well as the tools which are associated with cryptocurrencies, financial technology companies, and the distributed ledger technology.

Joint Statement of SARB and National Treasury

South Africa’s Reserve Bank, in a joint statement with National Treasury, stressed about the era of innovative digital technology embracing the payment industry like never before, while challenging the traditional system. Financial regulators are open to the remarks as well as recommendations by the end of February in next year.