The President of South Africa, Cyril Ramaphosa, has said that South Africa is eagerly looking at the cryptocurrency space and carefully monitoring the progress in that sector.
SOUTH AFRICA |
“Most countries have to look at it [#Bitcoin reserve] very carefully, and so are we,” Says South African President, @CyrilRamaphosa @PresidencyZA pic.twitter.com/VSt8wgzEfc
— BitKE (@BitcoinKE) January 23, 2025
When asked if he would consider getting a Ramaphosa Coin following the success of the $TRUMP and $MELANIA tokens prior to Donald Trump’s inauguration as the 47th President of the United States, Ramaphosa jokingly answered:
” No, you’re not going to see a Ramaphosa Bitcoin or whatever. I’m not that ambitious to be able to want to see my face on some coin.”
MARKET ANALYSIS | $TRUMP and $MELANIA Tokens Launch on Solana Prior to Trump Inauguration Day
According to analysts, $TRUMP experienced a dramatic $7.5 billion drop in market value within just 10 minutes of $MELANIA debut.https://t.co/wBChNrKn4g pic.twitter.com/sinXxOuQ7Y
— BitKE (@BitcoinKE) January 20, 2025
Talking about a Bitcoin reserve, the President said:
“Its a reality that’s descending on the world and most countries have to look at it very carefully and so are we.”
The President’s comments come on the back of yet another discussion on a WEF 2025 panel that included the Governor of the Reserve Bank of South Africa and the CEO of Coinbase, Brian Armstrong.
#BITCOIN | ‘Global Leaders Should Establish Bitcoin Strategic Reserves,’ Says CEO of @coinbase, the Largest Crypto Exchange in the U.S.
In recent commentary, @brian_armstrong highlighted significant global political shifts in favor of economic liberty.https://t.co/U8cgP3UrHn pic.twitter.com/s1R8jN0L6P
— BitKE (@BitcoinKE) January 18, 2025
According to the Governor, the idea of a Bitcoin reserve does not make sense since reserves like Gold are based on the underlying value of the asset. The Governor criticized the crypto industry lobbying of U.S. policymakers, telling a Davos panel event that bitcoin made no more sense as a reserve asset than beef or apples.
The Governor of the @SAReserveBank says he has ‘a significant problem’ with the push towards governments holding #Bitcoin as a reserve asset pic.twitter.com/00FDL6GKoE
— BitKE (@BitcoinKE) January 22, 2025
In 2024, South Africa became one of the first countries in Africa to recognize and regulate crypto assets. As reported by BitKE, the South Africa Financial Sector Conduct Authority (FSCA) had approved 248 crypto asset service provider licences, out of the 420 applications received, as of December 2024.
REGULATION | South Africa Has Now Approved 248 Crypto Providers Out of 420 Received So Far, Only 9 Applications Rejected
This post identifies two key areas that resulted from applications getting rejected by the FSCA.https://t.co/9osgvhErjt @fscasouthafrica pic.twitter.com/2fvVgBZoty
— BitKE (@BitcoinKE) December 16, 2024
FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.
South Africa’s
A crypto asset is used as an investment vehicle… and it resembles a financial product – you invest in it, you get returns from it.” – FSCAhttps://t.co/FOAe4pMmy3
— BitKE (@BitcoinKE) October 21, 2022
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