South Africa’s Reserve Bank to introduce Stricter Cryptocurrency Regulations
South Africa is one of these countries, given the fact that citizens are limited to being able to send 1 million rand abroad without declaration (roughly $68K). Nevertheless, recent reports indicate that the South African Reserve Bank (SARB) will soon introduce a cryptocurrency-related regulation, meant to stop digital currencies from being used for the purpose of evading currency controls.
It is currently unclear how the SARB will be able to monitor cryptocurrency being sent out of the country, but they may attempt to limit the amount of rand that can be exchanged to crypto. In fact, a representative has stated that conservative financial policies, such as imposing currency controls, are bound to discourage innovation, while hindering international investment into the country.
