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Tokenized Deposits Regulations South Africa - Implementation in January 2025

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Indrani Bose Follow

INDIA

Mar, 28 2023

Mar, 28 2023

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The South African central bank is planning to enact regulations governing tokenized deposits and crypto assets on Jan. 1, 2025.

 

Earlier this month, Gerhard van Deventer, a senior fintech analyst at the South African Reserve Bank (SARB), made public regarding the institution's plans to implement rules governing "tokenized deposits" and "crypto assets" on January 1, 2025. Despite the significance of this development, Deventer cautioned regulators to learn more about the threats posed by the infrastructure supporting digital assets.

 

The SARB and its partners have performed tests to learn more about distributed ledger technology (DLT). The regulators are still working to understand the potential advantages and drawbacks of distributed ledger technology. An experiment conducted by the South African central bank in collaboration with commercial banks was Project Khokha and Project Khokha 2.

 

According to reports, the SARB investigated a general-purpose central bank digital currency (CBDC) in one of its experiments. According to Deventer, the South African central bank has also looked into wholesale and multi-CBDCs in an effort to move forward.

 

South African authorities, including the SARB and the Financial Sector Conduct Authority (FSCA), and the financial industry still need to do more work on the prudential treatment of crypto assets.


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Indrani Bose

CBW - External Analyst

INDIA

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