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Author Topic: [2018-05-25] Cryptocurrency is a ‘Token’, We Won’t Call it a Currency: SARB  (Read 39 times)
ruthbabe
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May 30, 2018, 02:16:01 PM
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South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’.

The South African Reserve Bank (SARB), the country’s central bank, prefers to see cryptocurrencies as ‘tokens’ rather than currencies according to deputy governor Francois Groepe.

As things stand, the authority has not outlined any policies or a regulatory framework for the cryptocurrency sector. Even so, the central bank’s current outlook could lead toward an official policy sometime in the future.

More here, https://www.ccn.com/cryptocurrency-is-a-token-we-wont-call-it-a-currency-south-africas-central-bank/

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May 30, 2018, 02:19:02 PM
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Okay.  Huh

I have decided that the South African Rand is not a currency at all. It is a kangaroo.   Grin 

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Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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May 30, 2018, 04:08:42 PM
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We've already heard many different central banks voicing the same position, they are so used to controlling their country's currency and working with currencies of other nations that they can't just accept the reality that currency is a social phenomenon that can spontaneously emerge when many people decide to use it. It's almost like they are trying to convince people that government is the source of money and the whole economy wouldn't exist without it. But the fact that Bitcoin has got such a huge popularity demonstrates that there are people who don't buy the lies of central banks and understand how the economics actually work.

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May 30, 2018, 04:27:24 PM
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We've already heard many different central banks voicing the same position, they are so used to controlling their country's currency and working with currencies of other nations that they can't just accept the reality that currency is a social phenomenon that can spontaneously emerge when many people decide to use it. It's almost like they are trying to convince people that government is the source of money and the whole economy wouldn't exist without it. But the fact that Bitcoin has got such a huge popularity demonstrates that there are people who don't buy the lies of central banks and understand how the economics actually work.

I think that there is no difference as they call it, "cyber-tokens" - ok. In this news there is no sense and it doesn't reflect real mood of the Central bank of the Republic of South Africa.
We wait for concrete statements.

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qwertyup23
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May 31, 2018, 11:37:17 AM
 #5

We've already heard many different central banks voicing the same position, they are so used to controlling their country's currency and working with currencies of other nations that they can't just accept the reality that currency is a social phenomenon that can spontaneously emerge when many people decide to use it. It's almost like they are trying to convince people that government is the source of money and the whole economy wouldn't exist without it. But the fact that Bitcoin has got such a huge popularity demonstrates that there are people who don't buy the lies of central banks and understand how the economics actually work.

Just a speculation, I believe that they see cryptocurrencies as a 'threat' to the country's regulatory power. Being a decentralized currency means that no government department or institution can regulate its transactions. In the case of South Africa, they call it 'token' rather as a 'currency' but the function remains the same. People would utilize it as a form of currency (which eliminates the peer-to-peer transaction) and some would acquire more for investment purposes.

The popularity of bitcoin can be seen on its price and revolutionary platform technology. People would use bitcoin as an instrument of an investment since its volatility calls for short-term yielding of income with high returns. Funny thing is, most people that invest into cryptocurrencies are also individuals who are clueless about its background and nature. They seem to overlook its volatile function, which explains on why most of them are confused whenever the prices decrease.
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May 31, 2018, 12:56:58 PM
 #6

South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’.
I dont really care at all on what would they called into bitcoin cyber-tokens is just the same yet this is indeed a digital currency in the very first place and im not really surprised for them to make such words or comments towards it because they would really see it as a threat into their firm. No matter what would they say bitcoin would still be recognized, might not be as an official currency since its really an impossible thing to happen but it do really have its own purpose.

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May 31, 2018, 01:22:05 PM
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South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’.
I dont really care at all on what would they called into bitcoin cyber-tokens is just the same yet this is indeed a digital currency in the very first place and im not really surprised for them to make such words or comments towards it because they would really see it as a threat into their firm. No matter what would they say bitcoin would still be recognized, might not be as an official currency since its really an impossible thing to happen but it do really have its own purpose.

Which firm are you referring to? Banks are not firms, they are institutions where people hold their money. If you say
Quote
this is indeed a digital currency in the very first place
, you are directly contradicting what you've said earlier about
Quote
bitcoin cyber-tokens is just the same
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May 31, 2018, 02:07:08 PM
 #8

I have decided that the South African Rand is not a currency at all. It is a kangaroo.   Grin 

I see a lawsuit coming up backed by the Reserve Bank of Australia. Cheesy

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