February 5, 2023

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It seems that the last week was full of bad news. New information about proliferating scam schemes on LinkedIn, the flash crash of BTC, and the never-ending bearish trend made it hard to keep up good spirits. The whole community was quiet and waiting for good news to come. It seems that it arrived!

The South African Reserve Bank SARB recently decided to allow financial institutions to handle cryptocurrency transactions. The statement contains recommendations to conduct diligently with customers who want to use crypto despite the lack of regulations in the domain locally. SARB recommended banks to not leave many users of tokens without any service whatsoever.

The statement from SARB follows a series of decisions by various national banks to not serve clients that have accounts associated with crypto exchanges and adjacent platforms and services. SARB told its banks that they should be willing to work with all transactions whether they involve coins or not.

Why does it matter?

We can ignore the implications that such news has on the industry as a whole. It is a prime example of a nation that wants to work with crypto assets legally and recommends banks implement lenient policies in regards to holders of tokens and active traders who would like to use conventional methods like debit cards to purchase digital speculative assets.

At the same time, South Africa is a significant location for many crypto enthusiasts and their share of investments is quite high with a solid case for being one of the dominating nations in the market. With so many people interested in putting their money in crypto, South Africa must find compromising solutions and approach the issue with some loyalty.

The news will unlikely cause any price bumps, but it comes at a critical moment when we must be reminded about the upcoming wide adoption of crypto. The future where you can use your coins to buy physical goods and use them as an alternative to fiat is coming and there is no stopping that. However, the community must sit out the current storm.

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