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South African Central Bank to Reportedly Introduce New Crypto Regulations

“In August, major South African crypto exchange Luno saw an average daily trading volume exceeding 80 million South African rand ($5.4 million)” writes Ana Alexandre for The South African Reserve Bank (SARB) — the country’s central bank — is purportedly going to impose new regulations for the use of digital currencies in a bid to deter users from evading currency controls.South African blockchain development community SA Crypto told Business Report: Cryptocurrencies have proved to be popular in South Africa, with 10.7% of the country’s residents owning crypto, which is the highest of any country surveyed.Naidoo’s statements followed a decision of FirstRand Bank — one of the largest financial institutions in South Africa — to discontinue providing banking services to digital currency exchanges in late November.

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