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FollowingThe South African Reserve Bank (SARB) released its second financial stability report of the year, highlighting cryptocurrencies and stablecoins as emerging risks to the country’s financial stability. This warning comes at a time when the popularity of cryptocurrencies in South Africa is growing rapidly.
Cryptocurrencies pose “structural and persistent risks” to domestic financial stability.
In its Financial Stability Report issued on November 25th, the SARB emphasized that with the increasing popularity of cryptocurrencies, digital assets and stablecoins (classified as technology-driven financial innovations) represent a new type of risk.
Central banks have noted that Bitcoin (BTC) and other major cryptocurrencies, such as Ripple (XRP) and Ethereum (ETH), have always been the primary channels for trading cryptocurrencies. However, this situation has changed significantly as more people in South Africa turn to stablecoins that are pegged to the US dollar.
The volume of stablecoin transactions increased dramatically, from less than 4 billion rand (116 million US dollars) in 2022 to nearly 80 billion rand (4.66 billion US dollars) as of October 2025. The SARB attributed this growth to the lower price volatility of stablecoins compared to unsecured cryptocurrencies.
The South African economy is struggling, and people are turning to cryptocurrencies.
The SARB considers cryptocurrencies and stablecoins to be structural and ongoing threats to domestic financial stability. Continued low economic growth, high unemployment rates, and rising debt repayment costs continue to put pressure on household finances. From 2020 to 2024, South Africa’s average annual economic growth rate was only 0.39%.
虽然COVID-19疫情导致经济增长疲软，但长期存在的结构性问题——例如长期失业、对社会救济金的依赖性日益增强、基础设施恶化以及税基萎缩——进一步阻碍了经济表现。
鉴于这些经济压力，许多南非人转向加密资产也就不足为奇了。
关键基础设施(包括电力、铁路、港口、供水和市政服务)的长期衰退严重制约了经济产出。与2019年相比，该国目前的发电量、铁路货运量和港口货物吞吐量均有所下降。
尽管南非在2023年初被列入金融行动特别工作组(FATF)灰名单后，于2025年10月被移除，但它仍然在欧盟的高风险司法管辖区名单上。加之政治局势日益紧张和自然灾害频发，南非的经济环境对南非人来说变得越来越艰难。
监管框架不足加剧风险
根据南非储备银行的数据，到2025年7月底，该国三大加密货币交易所Luno、VALR和Ovex的用户总数将增至780万，高于2022年的约430万。
报告指出，“由于加密资产具有完全数字化的特性，因此不受国界限制，它们可以被用来规避外汇管制条例的规定”，并提及了资金流入和流出南非的情况。
南非储备银行还指出，加密资产威胁国内金融稳定的主要渠道之一是其在支付和结算中的使用。
In October 2025, the Financial Stability Board reported that South Africa has no regulatory framework for stablecoins, and there is also limited regulation regarding cryptocurrencies.
The South African Reserve Bank is currently working alongside the Ministry of Finance to establish regulations for cross-border transactions involving cryptocurrencies. They are also updating the country’s foreign exchange regulations to include crypto assets within them.
The report warns that “
… Without transparent, consistent, and reliable data on crypto assets and their interactions with traditional financial systems, risks can accumulate unnoticed.”
The report also notes that “
Unless the existing loopholes in South Africa’s regulatory framework for crypto assets are addressed, the vulnerability of South Africa’s financial system will continue to increase.”
