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Crypto Money Is a Token, Not a Currency, South Africa’s Central Bank Says

  • Cryptocurrency doesn’t meet the requirements of money: Groepe
  • Reserve Bank’s fintech unit working on policy, regulations
The headquarters of the South African Reserve Bank (SARB) stand in the Central Business District (CBD) in Pretoria, South Africa, on Friday, June 23, 2017.
Photographer: Waldo Swiegers/Bloomberg
Updated on

South Africa’s central bank chooses to call digital currencies such as Bitcoin “cyber-tokens” because they don’t meet the requirements to be classified as money.

“We don’t use the term ‘cryptocurrency’ because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value,” Reserve Bank Deputy Governor Francois Groepe told reporters in Pretoria on Thursday. “We prefer to use the word ‘cyber-token’.”