South Africa moves to ban corporate cross-border stablecoins

South Africa moves to ban corporate cross-border stablecoins

South Africa has proposed banning corporate cross-border stablecoin transactions, in draft rules released jointly by the Reserve Bank and National Treasury. It is one of the most aggressive attempts by any emerging economy to force borderless digital tokens back inside decades-old exchange control machinery. Under the proposal, South African companies could not make cross-border crypto transfers […] This story continues at The Next Web

South Africa plans exchange controls for offshore crypto, stablecoin flows - Ledger Insights - blockchain for enterprise

South Africa has proposed new rules that would limit certain offshore transfers of cryptocurrencies and stablecoins. The draft crypto asset manual for offshore transactions was published by the South African Reserve Bank’s (SARB’s) Financial Surveillance (FinSurv) division, and contains a mix of outright bans and reporting requirements. The consultation period runs until the end of […] The post South Africa plans exchange controls for offshore c…

'South Africa has to abolish exchange control'

The rules meant to stop capital leaving have accelerated it, says the co-founder of the country’s first rand stablecoin.

STABLECOINS | South Africa’s Stablecoin Experience Offers a Policy Lesson for Emerging Markets, Says IMF

South Africa’s stablecoin market shows why emerging-market regulators need to move beyond simply deciding whether to allow or ban digital dollars. The country has seen rapid growth in stablecoin use alongside the emergence of multiple rand-pegged alternatives. Yet the regulatory framework remains incomplete, creating uncertainty over issues such as consumer protection, redemption rights, reserves and the treatment of foreign-currency stablecoins…