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New South African Legislation Looks to Ban Non-CBDC Crypto From Pension Funds

Share In2021-10-3016628 Views
According to Beincrypto, South African Finance Minister Enoch Godongwana has introduced a draft of legislation that describes restrictions on how pension fund member funds are invested, according to Regulation 28. Under the old legislation, portfolio managers could invest up to 2.5% of member funds in a broad category of “other assets,” which was used to include crypto assets. Now, the new rules explicitly exclude cryptocurrencies in the new Government Gazette. The lack of protection for investors has led the South African regulators to express nagging suspicions about the speculative nature of cryptocurrencies.

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