Cryptocurrency is a ‘Token’, We Won’t Call it a Currency said South Africa’s Central Bank
South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’.
The South African Reserve Bank (SARB), the country’s central bank, prefers to see cryptocurrencies as ‘tokens’ rather than currencies according to deputy governor Francois Groepe.
In quotes reported by Bloomberg, the central bank official explained:
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 world ‘cyber-token’.
News Courtesy : www.ccn.com