TechFlow news, according to CoinDesk, South Africa's Inter-Governmental Fintech Working Group will study use cases for stablecoins this year and consider corresponding policy and regulatory measures.
The group will also explore the impact of tokenization on domestic markets and plans to release a discussion paper on the topic by December this year.
Last year, South Africa’s financial regulator classified cryptocurrencies as financial products and began registering cryptocurrency service providers. This year, the Treasury's budget documents indicate that South Africa will categorize stablecoins as a specific type of cryptocurrency. Although the upcoming presidential election may affect the ruling party's majority, it is unlikely to change the country's policy stance toward cryptocurrencies.
