The South African Reserve Bank and the Financial Sector Conduct Authority have issued a joint statement outlining their stance on cryptocurrencies.
According to the clarification, crypto assets used for domestic transactions fall outside the scope of the National Payment System Act, even when they are used to pay for goods and services. This guidance covers person-to-person, person-to-business, and business-to-business transactions within South Africa but excludes cross-border payments.
The regulators have emphasized that crypto assets do not qualify as money or funds under South African law and therefore cannot be treated as payment instruments within the national payments system. They also stated that cryptocurrencies do not enjoy legal-tender status, aligning with international regulatory practice and supporting monetary stability.