SARB says it is risky to have own cryptocurrency
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.