Swaziland Central Bank Governor: It's 'Not Wise' to Dismiss Cryptocurrency

Stan Higgins
Nov 1, 2017 at 08:00 UTC
NEWS

The central bank of the Kingdom of Swaziland is researching cryptocurrencies, according to its governor.

Speaking at an economic forum last week, Central Bank of Swaziland (CBS) chief Majozi Sithole struck an optimistic note about the technology, according to a report from the Swazi Observer.

While he didn't issue any definitive statements on the topic, Sithole indicated that its a topic of study at the central bank, and that officials there don't want to impede any possible financial innovation.

"It may not be wise to dismiss virtual currencies and as the CBS we are learning and we want to accept and support innovation. If this is innovation, we do not want to stifle it. We want to learn more about it," he told event attendees.

And while Sithole's comments represent the central bank's most significant comments on cryptocurrency to date, they aren't the first time that the institution has publicly signaled its interest.

In an internal news circular published in August, Lindokuhle Sithole Shabangu, the central bank's senior communications officer, offered a brief overview of the technology and highlighted the research going on in this area.

"In essence, the Central Bank, in line with its mandate to issue and redeem currency as well as to promote safe and accessible payment systems, continues to closely monitor developments in the financial services industry with a view to ensure that the regulatory framework remains relevant and appropriate," she wrote.

Swaziland map and pin image via Shutterstock

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