SARB fights to reclaim R16m in crypto over outdated forex laws
A recent judgement finds that Bitcoin can’t be regulated under apartheid-era exchange control rules. The South African Reserve Bank (SARB) is appealing a Pretoria High Court ruling that set aside its forfeiture of more than R16.4 million held by Standard Bank, ruling that apartheid-era exchange control regulations can’t be used to deal with modern-day crypto-currency transactions.Standard Bank had taken SARB to court, arguing that the central bank could not lawfully forfeit funds it held as collateral for a R40 million overdraft it granted to the now defunct Leo Cash and...