South African Reserve Bank Approves Banks to Serve Crypto Clients, Says Blanket Crypto Ban Threatens Financial Integrity

The South African Reserve Bank (SARB) has approved banks to serve crypto clients and should not indiscriminately block all crypto clients, CoinDesk reported. The country’s banks “can serve as conduits for funds linked to crypto asset service providers” and “can play a role in selling cryptocurrencies in bank accounts where customers wish to buy or receive payment in fiat currency.” SARB stated that some banks in the country have chosen to block customers related to cryptocurrencies. Although a thorough risk assessment is necessary, "blocking customers across the board" poses a threat to financial integrity. Risk assessment does not necessarily mean that institutions should Seek to avoid risk altogether.