South African Reserve Bank has now decided to call every cryptocurrency by a different name. The officials of SA Reserve Bank prefer saying ‘CYBER TOKEN’ instead of cryptocurrency. The bank has released nicknames for various cryptocurrencies also.
Central Bank’s Deputy Governor said that:
We don’t use the term ‘cryptocurrency’ because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value, We prefer to use the word ‘cyber-token’.
Most of the officials around the world fear to utter the cryptocurrency word as it sounds like a bad omen. The SARB has setup a special unit where they review the position of cryptocurrencies. In the month of April the SARB announced that taxpayers should report all crypto gains.