South Africa to Regulate Bitcoin

The South African Reserve Bank announced that it will trial cryptocurrency regulations. Loerien Gamaroff, CEO of Bankymoon, has revealed that his company has been selected as the first business to trial the new regulations.

South Africa Has Been Among the Slowest of the Advanced Economies to Develop Cryptocurrency Regulations

South Africa Will Begin Testing Bitcoin and Cryptocurrency Regulations

South Africa is taking significant steps toward solidifying a regulatory framework for bitcoin and cryptocurrencies. The South African Reserve Bank (SARB) has announced that it will begin to trial a number of regulations pertaining to virtual currencies.

South Africa has been among the slowest of the advanced economies to begin to develop a juridical apparatus for cryptocurrencies, garnering criticism for failing to embrace virtual currencies and blockchain technology sooner.

Loerien Gamaroff, CEO of blockchain services company Bankymoon, has revealed that his company will be the subject of a trial of SARB’s preliminary regulations. Gamaroff confirmed that he has had consistent contact with The South African Reserve Bank in discussing the regulatory sandbox, and has conducted several seminars pertaining to potential use cases for cryptocurrency within the South African economy. Gamaroff also revealed his involvement with government-directed research into alternative cryptocurrencies.

The announcements come amidst growing acceptance of cryptocurrency technology within South Africa.

In February, SARB announced intentions to develop a national virtual currency that would based on distributed ledger technology. SARB also described plans to carry out research regarding the feasibility of cryptocurrency and blockchain adoption within South Africa.

The announcements came amidst growing acceptance of cryptocurrency technology within South Africa. Michael Jordaan, the former CEO of First National Bank, recently stated his support for cryptocurrencies, and belief that they will one day come to rival fiat currencies. P2P trading volume has also enjoyed consistent growth in recent months.

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