SARB concerned about crypto risks without further regulation

Hanno Labuschagne

Hanno Labuschagne

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SARB concerned about crypto risks without further regulation

The South African Reserve Bank warned that a lack of comprehensive regulations for crypto assets and stablecoins has emerged as a new risk, posing a significant threat to the country’s financial sector.

Cryptocurrencies, because of their fully digital and borderless nature, can be used to dodge South Africa’s exchange control laws, which currently do not cover digital assets, the central bank said in its biannual Financial Stability Review on Tuesday.

[Bloomberg]
 
He said progress is expected next year, but warned that without it “will mean that we do not have sufficient oversight.”

Here's an Ambien and some milk.
Take your time.
 
xera said:
No - they can only see which address you sent it to - keys stay private.
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Then wont sars know the address is yours and can see where the money is going? How do you take money out your private wallet?
 
wingnut771 said:
Then wont sars know the address is yours and can see where the money is going? How do you take money out your private wallet?
Click to expand...
Yes.

Worth mentioning, purely as an interesting fact - privacy coins are not illegal yet and there are non-KYC DEXes out there.
 
KYC is governments and hackers wet dream.

Imaging posting online, all of your bank account balances, along with your proof of ID, and proof of residence! :oops:😱

If that doesn't sound like a good idea, it's because it's not.
 
As countries grow the parasites - i.e. government employees increase in number. They then need to be paid. And so they leech every bit of currency from everyone. Productive people have to pay for the non productive entitled ones. Even Kieswetter gets paid 10.8 million Rands where his EU equivalents get about 2-3 million Rand pa and they have more oversight and responsibility. They can actually get fired, disgraced or even locked up. But SA wants to dictate to the developed world in the G20. What a joke. And of course the developed world treats SA like a joke, not seriously, it's just like that cousin who is special and you entertain their adult finger painting 'art' but you wouldn't let them drive the car.
 
Slowestclock said:
Or you deposit cash at a BTC atm? Fees are crazy but its the price you pay to be anon
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lol would rather pay my dues sleep well at night write off valid deductions than pay kak high spread to "hide" my cash

there are more benefits doing this all legitimately than hiding your 2 sats
 
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