CryptoBitca

2022-08-21 20:00:06 ​SARB Issues Crypto Guidelines For Local Banks

The South African Reserve Bank (SARB) has issued guidelines for local banks to do business with cryptocurrencies and cryptocurrency companies. The country’s central bank has directed financial institutions to serve customers handling cryptocurrency transactions.

In the guidelines released by the Reserve Bank’s Prudential Authority, the SARB stated that financial institutions should not place an overall ban on cryptocurrencies, but instead called for banks to conduct due diligence when dealing with clients that have digital assets. The guidelines advise banks to employ anti-money laundering and counterterrorism financing for all crypto transactions. The guidelines were issued after some banks closed clients’ accounts that own cryptocurrencies, citing a lack of appropriate regulations to govern the sector. The directive stated:

Banks may act as a conduit for funds linked to crypto asset service providers activity and may play a role in customers wishing to purchase crypto assets or receive pay-outs for the sale of crypto assets via fiat currency into their bank accounts. Banks must ensure that they maintain adequate records in respect of all customer transactions, including fiat-to-fiat, fiat-to-crypto and crypto-to-fiat transactions.

In response to banks shutting down crypto-related accounts due to greater risk exposure, the SARB acknowledged that risks do exist in the market, but banks should rather conduct a comprehensive assessment instead of resorting to such grave measures.

In July, the SARB deputy governor Kuben Naidoo confirmed that the country will roll out cryptocurrency regulations over the next 12 – 18 months, and said that it would not identify them as a payment option, but rather as a financial asset that can be utilised in the mainstream sector. As a financial product, cryptos will fall under the purview of South Africa’s Financial Intelligence Centre Act and will be monitored for money laundering, tax evasion, and terrorist financing activities. He added that the SARB plans to develop a regulatory framework for South African exchanges to allow crypto listings which would include traditional banking regulations such as KYC rules and exchange control regulations.

The SARB is also investigating the possible introduction of a CBDC, after having completed a technical proof-of-concept in April 2022. Open / Comment

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2022-08-14 20:00:07 ​Reserve Bank of Zimbabwe ‘Developed a Roadmap for Adoption of CBDC,’ Says Governor

The governor of the Zimbabwean central bank, John Mangudya, recently said his organization “has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.” Mangudya also revealed that two fintech startups had been admitted into the central bank’s fintech regulatory sandbox.

Nearly six months after announcing the Reserve Bank of Zimbabwe (RBZ)’s intention to explore the feasibility of launching a central bank digital currency (CBDC), the bank’s governor John Mangudya recently revealed that the central bank now has a roadmap for the envisaged digital currency. He said the bank’s development of the roadmap is in line with the government’s decision on the CBDC which was made in November 2021.

Nevertheless, Mangudya suggested in his second monetary policy statement of the year that the RBZ is now eager to get the views of stakeholders. He said:

The role of stakeholders in the CBDC journey is paramount and in that regard, the Bank has developed a public consultation paper on CBDC to be released soon. The consultation paper is aimed at fostering a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.

According to the RBZ, once the document has been released, the public will have an opportunity to comment on the consultation paper. This must be done within 90 days after the release of the consultation paper, Mangudya said.

Besides the consultation paper, the RBZ will also “carry-out consumer perception surveys on CBDC.” The findings from the two undertakings “will enable the Bank to engage in pilot programmes related to CBDC.”

Meanwhile, in the same statement, the RBZ governor revealed that two fintech firms; namely Llyod Crowd Funding and Uhuru Innovative Solutions had been admitted into the fintech regulatory sandbox. Of these two, Llyod Crowd Funding has already commenced its sandbox operations that will run until 2023 while Uhuru Innovative Solutions is expected to start regulatory testing soon.

According to Mangudya, the admission of the two startups and “the initiation of regulatory testing is a signal of the Bank’s commitment to promoting responsible innovation.”
At the same time, the results that are derived from the regulatory testing are expected to furnish the RBZ with “critical evidence in the formation of an appropriate regulatory framework for financial technology in the country.” Open / Comment

2022-06-20 20:00:04 ​Biggest Movers: MKR up 20% to Start the Week, Whilst AVAX Rebound Continues

MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend.

MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines.

Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point.

This level is the $1,000 mark, which was broken last week, for the first time since December 2020.

However, bulls seem to have re-entered following this multi-year low, and using this as an opportunity to “buy the dip”.

As of writing, earlier gains have somewhat eased, with MKR trading around $40 lower than today’s previous peak.

This comes as the 14-day RSI hit a resistance point of its own, at the 43 level, which likely triggered bulls into selling.


AVAX was also higher for a second consecutive session, moving away from a ten-month low in the process.

Following a drop to $13.91, which is its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week.

This surge saw prices hit an intraday high of $17.82, which is over 15% higher than the low during the weekend.

Bulls now seem set on taking prices back towards a key resistance level of $22, and this might be a realistic target, following another breakout.

This breakout is of the ceiling on the 14-day RSI of 34.75, which was broken earlier today, with the indicator now tracking at 36.70.

Should we hit $22, some bulls will likely exit at this point, choosing to secure profits, rather than attempt to maintain momentum. Open / Comment

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2022-06-12 20:00:04 ​New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies

American Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable across over 100 different cryptocurrencies” without annual or foreign transaction fees.

American Express (Amex) and crypto trading platform and wallet provider Abra announced the upcoming launch of the Abra Crypto Card on the American Express network Friday. Abra described the new card as:

The first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto back on any purchase category and amount.

“The crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra, with no annual or foreign transaction fees,” the crypto company detailed.

The Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers, presale ticket access, global dining benefits, and purchase protections, Abra further noted.

Mohammed Badi, president of Global Network Services at American Express, commented: “One of the ways we back the evolution and innovation of commerce is by making it easier for fintechs to develop and scale innovative payment solutions leveraging the American Express global payments network and the Amex/i2c platform.” The Amex executive added: “We have a long-standing relationship with Abra through our Amex Ventures investment portfolio.”

Interested customers can now join the waitlist for the card, which Abra expects “to be first available in late 2022.”

In addition, the crypto firm announced Friday a new feature to buy and sell non-fungible tokens (NFTs) “with managed custody and [a] full collection gallery in the Abra app that will remove the hassle and minimize the risks of using defi [decentralized finance] wallets.” Open / Comment

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