Government is regulating cryptocurrency this year and testing an official government cryptocurrency. What does this mean for crypto tax? The South African Reserve Bank (SARB) is encouraging more engagement with the fintech industry in South Africa to enable the introduction of distributed ledger technology (DLT) into financial markets.
The South African Central Bank (SARB) has concluded a technical proof-of-concept as part of its Project Khokha on a DLT system focused on CBDC settlements.
More engagement with the fintech industry is needed before distributed ledger technology can be incorporated into South Africa's financial markets, according to a new report.
The South African Reserve Bank, in collaboration with the Intergovernmental Fintech Working Group, this week released a second report looking at the use of distributed ledger technology for interbank payments settlement, taking it one step closer to a national cryptocurrency.