​​ Central Bank of South Africa did not support blocking of cr | IceCoin

​​ Central Bank of South Africa did not support blocking of cryptocurrency accounts

The South African Reserve Bank has instructed the country's financial institutions to serve customers processing cryptocurrency transactions.

The bank's guidance states that institutions should not impose a blanket ban on cryptocurrency, adding that banks should exercise due diligence when dealing with such customers.

The statement came after some banks in the country closed cryptocurrency-related customer accounts, citing a lack of proper rules for managing the sector.

Banks can act as a conduit for funds related to crypto-asset providers and can serve customers who want to purchase crypto-assets or receive payments for selling crypto-assets through fiat currency into their bank accounts.

Banks must ensure that all customer transactions, including fiat, fiat and cryptocurrency transactions, are properly recorded," the statement said.

At the same time, the regulator acknowledged that risks in the crypto market exist, but financial institutions should conduct a comprehensive assessment, including with regard to money laundering.

It is worth noting that South Africa accounts for a significant share of crypto-investors, as regulators practice a cryptocurrency-friendly approach.

Kuben Naidoo, deputy governor of the South African Reserve Bank, confirmed that the country intends to introduce regulations for cryptocurrency, which will partially support the sector and integrate it into the financial space.