Tag Archives: FSB

SARB Want To Get Grips On Cryptocurrency

Reserve Bank Set Up Cryptocurrency Team

Around the world governments and unions have had to deal with the birth of cryptocurrency and try to analyse how they will try deal with things like Ethereum, Bitcoin and BunnyCoin (a cryptocurrency for the “adult” industry).

Recently, the South African Reserve Bank (SARB) decided to set up a team to study and advise on cryptocurrency and Financial Technology (Fin Tech). They are expected to eventually advise in formulating an official policy on cryptocurrency.

Cryptocurrencies pride themselves on being untraceable and hiding the details of transactions and is built on blockchain technology. Around the world, the debate continues as to whether cryptocurrencies are money or rather a commodity.

“Betamaxed”- to become obsolete in the face of alternative technology

Due to the rapid changes in technology, it would be a constant challenge for regulatory legislation to keep pace with developments. You could quickly end up with the situation where after much debate and legislative effort you could have new laws passed about Myspace and Mixit, years after the market has evolved and moved on.

 

The SARB have asked the National Credit Regulator (NCR) and Competition Commission to join the IFWG (Intergovernmental Fintech Working Group) along with National Treasury, the FSB and Financial Intelligence Centre as they consider how Fintech and cryptocurrency will fall under the Twin Peaks model.

 

 

 

Treasury Condemns NCR

Treasury Takes Shots at NCR in Parliament Treasury Deputy Director-General Ismail Momoniat has public condemned the National Credit Regulator (NCR) and the Financial Services Board (FSB) for their “light touch” approach in the financial services industry. DDG Momoniat said that … read more

NCR VS FSB

NCR CALL ON FSB TO STOP SAYING THEY WILL BE TAKING OVER             The National Credit Regulator (NCR) have stated that they are not going to be incorporated into or moved into the Financial Services Board … read more