The South Africa Central Bank has a strong declaration, defining Bitcoin as a mere token.
– A concern was raised regarding the use of the term “cryptocurrency”.
– Claims have been raised that Bitcoin does not even meet the requirement to be considered a currency.
– “Cryptoassets” was deemed more appropriate, according to experts.
South Africa’s Central Bank has questioned the use of the term “cryptocurrency” since it did not meet the specifications for the Bitcoins to be considered a currency in the first place.
The digital currency, which is highly volatile and very prone to scams and frauds, were rather referred to as “cyber tokens” rather than “currency”, as per South Africa Central Bank. They don’t see Bitcoin as a form of money, not one bit did it even qualify.
Even Though digital currencies are getting more and more popular, this did not change the Central Bank in Africa from their views and opinions about the assets.
Read the full details in this article – https://www.bloomberg.com.