While other countries think whether to accept cryptocurrency or to ban it, the South African Reserve Bank is acting. It is on its way to establish a self-regulatory body which tasks will be to control and manage all issues with cryptocurrency and related transactions.
The bank itself doesn’t control cryptocurrency for now, but the increasing transactions amounts and interest of investors in crypto-coins urges the main financial body of the country to take some actions.
The self-regulatory body isn’t going to be a state authority, it will be able to create own rules, regulations and standards and act based on them. it will limit risks connected with cryptocurrency and make the country space competitive in the cryptocurrency market, which is growing constantly and offers more and more options.