South Africa’s proposed new rules for cross-border cryptocurrency transactions could put billions of rand in investment at risk. The chief executive of the global crypto exchange company VALR, Farzam Ehsani, says at least 2.2-billion-rand in potential foreign investment in South African crypto businesses has already been put on hold. The amount includes a proposed 1.6-billion-rand investment and two smaller deals worth 250-million-rand and 350-million-rand. The draft rules would restrict South African businesses from using crypto or stablecoins for cross-border payments. Public comments are open until September 30.
SA’s planned crypto curbs may hit deals worth billions