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S. Africa’s Central bank issues guidelines for local banks to deal with Crypto

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South Africa news

The Reserve Bank of Australia released guidelines for the local banks to deal with cryptocurrencies with the provisions to keep the bad actors away.

South Africa is a crypto adoptive country but rules & regulations by the government agencies of South Africa brought a very critical situation for the majority of the crypto companies because companies’ bank account with local banks were banned many times. The crypto proponents worked with lawmakers to bring clarity and a favorable situation for the Crypto companies.

Through the newly released documents, as a suggestion for the local South African banks, the Reserve Bank of South Africa ordered the introduction of an anti-money laundering and counterterrorism financing system during the banking transactions linked with every crypto-related transaction.

Earlier this year, the Financial Sector Conduct Authority, the financial regulatory body of South Australia, announced that it will release a crypto regulatory framework in 2022 in collaboration with the other agencies, namely Prudential Authority and the Financial Surveillance Board.

That crypto regulatory framework was aimed to bring a better strategy for the crypto companies and non-crypto sector to deal with the systematic approach to facilitate crypto assets trading for the South Australian population.

At present, the proper regulatory framework is needed for the local banks of South Australia because the majority of the banks found that it is not easy to provide banking services for the crypto transaction provider companies, So overall Banks think that it is very tedious thing to detect suspicious transactions.

Due to a lack of ability to handle the crypto-linked bad actors, many banks banned Crypto companies’ Bank accounts and few banks don’t provide Banking services for the crypto companies, to remain away from any kind of hurdles.

Few experts believe that Central Bank Digital Currency (CBDCs) may bring some better outcomes for the Banks to deal with suspicious transactions because blockchain technology will allow the bank to easily trace and connect the fund branches. However it will too early to comment on the super ability of CBDC but still, people are expecting much.

Read also: US FDIC says FTX & other four crypto platforms are misleading people

S. Africa’s Central bank issues guidelines for local banks to deal with Crypto

 

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