South Africa’s Reserve Bank (SARB) governor, Lesetja Kganyago, has indicated that cryptocurrencies do not meet all the requirements of a currency, but they must be regulated to protect investors.

Speaking at a dialogue organized by Wits Business School, the governor noted that cryptocurencies are an asset class, but not exactly currency.

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SEE ALSO: The South African Regulatory Body, IFWG, Publishes a Position Paper Confirming Crypto Assets Regulation

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Commenting on what constitutes a curency, Lesetja said:

“One, it must be a generally accepted medium of exchange. Secondly, it must be accepted as a store of value. And thirdly, it must be a unit of account. A cryptocurrency is a store of value. It is a medium of exchange but is not generally accepted. It’s only accepted by…

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