South Africa Planning New Regulations to Prevent Use of Crypto in Currency Evasion

South Africa’s central bank is planning to implement new regulations to prevent cryptoassets from being used to evade currency controls. 

On Dec. 2, South African Reserve Bank (SARB) deputy governor Kuben Naidoo said the central bank is planning new restrictions on how much local currency can be sent outside of the country, including the use of crypto. According to Naidoo, the rules will reportedly be put into place in Q1 2020. 

South Africans are currently restricted to sending a total of 11 million rand ($750,600) across borders, with anything over 1 million rand requiring a special application to the South African Revenue Service. Some within the country have begun using cryptocurrency as a convenient…

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