The Institute of Race Relations (IRR) welcomes the decision by National Treasury and the South African Reserve Bank to rewrite their draft rules on moving crypto assets across South Africa’s borders.

In his Medium-Term Budget Policy Statement, the finance minister, Enoch Godongwana, told Parliament that the thousands of comments received showed the need for “a different approach”, and that a revised draft would be released for public comment.

The IRR was among those who made detailed submissions. In its Submission to the National Treasury regarding the Draft Capital Flow Management Regulations, it argued that the regulations were unconstitutional, economically unwise and should be withdrawn. In its Submission to the South African…