South African Central Bank Sounds Alarm on $1.5B Crypto Market

South Africa’s central bank has issued a stark warning, declaring the country’s burgeoning crypto market a risk to financial stability.

The South African Reserve Bank’s new report reveals the scale of the issue: 7.8 million users on local exchanges held about $1.5 billion in assets.

The bank identified “crypto assets and stablecoins” as a clear and present danger, noting their potential to bypass national exchange controls and highlighting a fundamental “structural shift” towards stablecoin use that marks a new era of digital finance risk.