South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’

South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’

The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies. According to Kganyago, crypto-assets, as he prefers to call them, are not currencies because they fail to meet the standard of what constitutes a currency.

Crypto and the Currency Test

In recent remarks to Mills Soko, a professor at a South African university, Kganyago asserts cryptocurrencies like bitcoin only partially meet one of the three key characteristics of a currency. Kganyago explained:

Trending: BREAKING: Larry Elder Tells Supporters To ‘Stay Tuned’ After California Recall Loss

One, it must be a generally accepted medium of exchange. Secondly, it must be accepted as a store of value. And thirdly, it must be a unit of account. A cryptocurrency is a store of value. It is a medium of exchange but is not generally accepted. It’s only accepted by those who are participating in it.

However, despite adopting this stance toward cryptocurrencies, the SARB governor insists the central bank must

Continue reading

You Might Like


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report •
Thanks for sharing!
Send this to a friend