Central Bank of Swaziland: It’s Not Wise to Dismiss Cryptocurrencies

The Central Bank of Swaziland (CBS) is exploring the use of cryptocurrencies in the country even though it remains cautious of them.

Speaking at the recent Swaziland Economic Conference (SEC) 2017, Majozi Sithole, governor of CBS, said that despite the bank’s cautious approach, it doesn’t want to stand in the way of innovation, according to a report from the Swazi Observer.

“It may not be wise to dismiss virtual currencies and as the CBS we are learning and we want to accept and support innovation,” Sithole said. “If this is innovation, we do not want to stifle it. We want to learn more about it.”

Concerns about the use of digital currencies such as bitcoin remain however, he added. Sithole is reported as saying that if problems arise then the bank would not be able to intervene due to the lack of a regulatory framework in South Africa. Questions as to what impact bitcoin could have on the country’s financial stability and its monetary policy have yet to be determined…

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