FSCA says crypto assets used for domestic payments do not constitute money, funds, or legal tender

[mylesillidge]

Bitcoin and stablecoins are not money in South Africa

The South African Reserve Bank and Financial Sector Conduct Authority (FSCA) have clarified that crypto assets used for domestic payments are not money, funds, or legal tender.

The position was set out in a joint communication published on Thursday, 28 May 2026, which dealt with crypto assets used to pay for goods and services in South Africa.

 

[Sapphiron]

Its not money, unless we can tax it, then its money.

its not asset, unless we can tax it, then its an asset.

 

[Swa]

“Furthermore, unbacked crypto assets, like Bitcoin, are not well-suited to perform the function of money and they are not recognised as legal tender in the SARB Act.”

Ironic with the Rand being unbacked. What is probably meant is it's not officially sanctioned money. Under the dictionary definition it's money.

 

[SykomantiS]

But they still want to tax you on your crypto gains / profit?

 

[FiestaST]

https://twitter.com/x/status/2060350713293636034

https://twitter.com/x/status/2060320209580286304

 

[Smiggles]

Lol so the crypto I used to purchase a Hungry Lion burger from my watch is not money? What a joke. They don't know their arse from their elbow.

 

[purrr]

Few understand