South Africa in danger of making itself irrelevant to the global financial system

South Africa's bid to establish itself as a major player in the global financial system is under threat, as proposed new Reserve Bank regulations could render the country increasingly irrelevant. The draft Crypto Asset Manual, aimed at overseeing crypto transactions, has sparked opposition from Luno and a coalition of companies, including the Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation for Opportunity, Prosperity and a Healthy Economy (CATASTROPHE), which argue the regulations would stifle innovation and economic growth.