SARB says it is risky to have own cryp­tocur­rency

Banking Frontiers - - News / Regulator -

Deputy gov­er­nor of the South African Re­serve Bank Fran­cois Groepe says it is too risky for the cen­tral bank to launch its own cryp­tocur­rency. Speak­ing a fin­tech in­no­va­tion con­fer­ence, he said the cen­tral bank has an open mind on the ques­tion of is­su­ing its own digital cur­rency, but he does not see any ini­tia­tive in this re­gard in the short-term. Vir­tual cur­ren­cies have the po­ten­tial of be­com­ing widely adopted, he said. How­ever, for the cen­tral bank to is­sue vir­tual cur­ren­cies or cryp­tocur­ren­cies in an open sys­tem will be too risky, he added. The cen­tral bank had ear­lier said it would adopt an open per­spec­tive on the tech­nol­ogy, even sug­gest­ing it may de­velop ap­pli­ca­tions of its own.

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