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South Africa may disallow crypto investments for pension funds
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South Africa features in the top 20 countries in the world, in terms of crypto adoption. Also, in a first, crypto trading in the country recently exceeded $141 million levels.
Having said that, a local report claimed that South African pension funds will be barred from including Bitcoin and other crypto offerings under new draft guidelines. If the proposal is accepted after the public-comment deadline on 12 November, no pension fund may “invest in crypto-assets directly or indirectly.”
Previously, Regulation 28 of the Pension Funds Act assumed an investment up to 2.5% to “other assets,” which could have included cryptocurrencies. However, changes to the Act will explicitly ban crypto investments, as per the report.
What’s alarming to the
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