Central Bank & FSRA Collaborate To Form Crypto Assets Task Force

By Phesheya Mkhonta

The Central Bank of Eswatini is not resting on its laurels when it comes to educating, empowering, and protecting emaSwati on cryptocurrencies.

The bank has revealed in its 2023 Governor’s Annual Monetary Policy Statement that it is furthering its research on cryptocurrencies by collaborating with the Financial Services Regulatory Authority (FSRA) to form a Crypto Assets Task Force (CATF).

The CBE Governor, Dr Phil Mnisi when making the announcement noted that the CATF will comprise experts with diverse backgrounds in Finance, Law, and Technology in a quest to address the complex issues surrounding crypto assets regulation.

The Governor disclosed that the CATF aims to produce a national policy recommendations paper that will provide comprehensive guidelines on how to regulate cryptocurrencies, establishing a secure and stable environment for investors and consumers.

He said the aim is to promote responsible innovation and maintain overall financial stability.

“By implementing this framework, Eswatini can facilitate responsible innovation while minimizing the risks associated with digital assets.”

As part of furthering its research in crypto, the Bank has commissioned the Eswatini Economic Policy and Research Centre (ESEPARC) to conduct a national consumer insights survey on crypto assets.

“The survey will help to provide a better understanding of how consumers perceive and use crypto assets. By gathering data on topics such as consumer behavior, awareness, and attitudes towards cryptocurrencies, we can gain valuable insights into how best to regulate crypto assets.”

Moreover, the Bank’s Annual Monetary Statement observes that the insights it will gain through the research will help it gain a better understanding of capital flows in the crypto assets market and to identify potential risks or concerns.

Share With Friends