Bank of Africa: crypto-currencies do not meet the criteria money

Governor of the South African reserve Bank (SARB) Grape Francois (Francois Groepe) said in a recent speech: «digital assets, such as cryptocurrencies, do not meet the requirements of money in the economic sense of a medium of exchange, unit of measure and a stable unit of value, so we can’t call them currencies and prefer to call them cyber-tokens».

Anyway, the authorities have not yet announced any official position or the establishment of a regulatory framework for the regulation of cryptocurrencies. In January of this year, the SARB has established a task FINTECH group and the government body, charged with exploring private cryptocurrency and to develop an appropriate regulatory system, but their performance has not yet been published. The fact that the Central Bank of South Africa begins increasingly to pay attention to the cryptocurrency sector – suggests that the issue of official policies is only a matter of time.

«We should first of all make sure that in cryptocurrency industry complied with the rules of financial supervision and monetary control,» said Grope.

Central banks around the world represent the basis of the traditional financial system and it is therefore not surprising that most of them are skeptical about the cryptocurrency.

The Bank of England Governor mark Carney said that bitcoin cannot be considered money in the «traditional sense», as he is neither a medium of exchange nor a store of value. At the same time, he noted that in the future the technology of the blockchain will move all of the banking system.

Earlier this month the Reserve Bank of Zimbabwe (RBZ) has attempted to prohibit financial institutions to provide services to cryptocurrency exchanges and issued the order to begin to eliminate existing account related to cryptocurrencies. However, recently the Supreme court in Harare overturned the decision.

A month earlier, Reserve Bank of India (RBI) resorted to the same measure, prohibiting banks in the country to provide services related to the cryptocurrency. However, he faced opposition from industry companies have reached the Supreme court, and the issue is not yet closed.

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