https://en.sputniknews.africa/20250122/south-african-reserve-bank-governor-questions-bitcoin-as-reserve-asset-1070314412.html
South African Reserve Bank Governor Questions Bitcoin as Reserve Asset
South African Reserve Bank Governor Questions Bitcoin as Reserve Asset
Sputnik Africa
The World Economic Forum's Annual Meeting for 2025 is being held in Davos-Klosters, Switzerland, from January 20 to 24. The governor's remarks come amid... 22.01.2025, Sputnik Africa
2025-01-22T17:48+0100
2025-01-22T17:48+0100
2025-01-22T18:10+0100
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South African Reserve Bank Governor Lesetja Kganyago has raised concerns over the idea of governments holding specific assets, such as bitcoin, as part of their reserves.Speaking at the World Economic Forum, Kganyago emphasized the need to understand the strategic intent behind such decisions.He acknowledged gold's historical role as a reserve asset but then questioned the logic of extending that role to assets like bitcoin, asking why not consider other types of assets.Kganyago further stressed that this issue is a matter of public policy requiring careful engagement.
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south africa, world economic forum (wef), switzerland, southern africa, us dollar, gold, policy, finance, economy
South African Reserve Bank Governor Questions Bitcoin as Reserve Asset
17:48 22.01.2025 (Updated: 18:10 22.01.2025) Christina Glazkova
Writer / Editor
The World Economic Forum's Annual Meeting for 2025 is being held in Davos-Klosters, Switzerland, from January 20 to 24. The governor's remarks come amid ongoing global debates about the role of cryptocurrencies in national reserves.
South African Reserve Bank Governor
Lesetja Kganyago has raised concerns over the idea of governments holding specific assets, such as bitcoin, as part of their reserves.
Speaking at the
World Economic Forum, Kganyago emphasized the need to understand the strategic intent behind such decisions.
"I would have a significant problem with a lobby that says government should hold this asset or hold that asset without [knowing] what the strategic intent of government is," Kganyago stated.
He acknowledged
gold's historical role as a reserve asset but then questioned the logic of extending that role to assets like bitcoin, asking why not consider other types of assets.
"There is a history to gold. There was once a gold standard. Currencies were pegged to gold. But if we now say that, okay, bitcoins, okay, what about platinum? What about coal? Why don't we hold strategic beef reserves? Or mutton reserves? Or apple reserves? Why bitcoin?" he asked.
Kganyago further stressed that this issue is a matter of public policy requiring careful engagement.
"I would caution against the move; that would say there is an industry with a particular interest in a particular product. And we would like to impose it on society and say society must hold this as a reserve. I would have a fundamental problem with it," he added.
