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South African authorities have revealed the treasury’s plan to promote the adoption of digital payments for marginalized groups.
According to a <a href="https://www.treasury.gov.za/documents/National%20Budget/2024/review/FullBR.pdf" target="_blank" rel="noopener noreferrer nofollow">treasury document</a> published on Feb. 21, South Africa is considering stablecoins and blockchain as a way to improve the lives of marginalized groups.
The South African treasury announced an upcoming policy change for <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> detailing plans to promote digital payments as one such manoeuvre.
Officials in South Africa say they will explore the impact of blockchain-based tokenization on domestic financial markets via a working group that is expected to publish a document by December 2024. Officials say they hope to outline “the policy and regulatory implications of tokenization and blockchain-based financial market infrastructure.”
You might also like: <a href="https://crypto.news/south-africas-financial-regulator-to-require-licenses-for-crypto-exchanges-by-year-end/" rel="noopener noreferrer nofollow"> South Africa’s financial regulator to require licenses for crypto exchanges by year-end </a>
In October 2022, crypto assets <a href="https://crypto.news/south-africa-imposes-regulation-on-crypto-assets/" target="_blank" rel="noopener noreferrer nofollow">were recognized</a> as financial products in South Africa. The Financial Services Authority of South Africa (FSCA) announced changes to the country’s legal framework recognizing “digital representation of value” of crypto products.
In July 2023, South African authorities also <a href="https://crypto.news/south-africas-financial-regulator-to-require-licenses-for-crypto-exchanges-by-year-end/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that cryptocurrency exchanges in the country would need a license to operate. The FSCA added that plans to take “enforcement action” could see firms closed or fined if they continue to operate without a license after the deadline.
Earlier this year, <a href="https://crypto.news/tag/Nigeria/" target="_blank" rel="noopener noreferrer nofollow">Nigeri</a>a <a href="https://crypto.news/nigeria-reportedly-plans-to-ban-binance-other-crypto-firms-over-their-ties-to-forex/" target="_blank" rel="noopener noreferrer nofollow">banned</a> cryptocurrency exchanges Binance, OctaFX and <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> by instructing its telecommunications companies to block access to the websites.
<a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> responded to the government’s request to help protect the foreign exchange market and the national currency by immediately limiting local users’ access to the <a href="https://crypto.news/tag/P2P/" target="_blank" rel="noopener noreferrer nofollow">P2P</a> platform.
Read more: <a href="https://crypto.news/south-africa-crypto-firms-to-establish-local-offices/" rel="noopener noreferrer nofollow"> This African nation’s financial watchdog wants crypto firms to establish local offices </a>

South Africa plans to use stablecoins and blockchain as a way to promote equality

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