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South African Central Bank Official Charged With Crypto

In general, institutions and organizations from many different fields are looking for ways to be involved in activities in the crypto money sector. A central bank official of the South African Central Bank has been accused of spreading harmful misinformation regarding the crypto asset class.

South African Central Bank Official Accused Of Giving False Information On Crypto

Steven Boykey Sidley, a South African university professor, and the author have criticized the country’s central bank vice-president, Kuben Naidoo, for claiming that 90 percent of cryptocurrency transactions are illegal.

In an article published by the Maverick, Sidley accuses the vice president of the South African Reserve Bank (SARB) of spreading misinformation that has made headlines and has done immeasurable damage to an important new industry.

According to the professor, it is impossible to commit an undetected crime as Blockchain transactions are public. Sidley added that this level of transparency makes it much easier to track the proceeds of crypto crime.

Sidley used the following statements in his statement on the subject:

“Actual statistics are constantly gathered and reported by numerous data analytics companies. The number of crypto transactions linked to illegal activities on the blockchain is 0.15%. The number of illegal transactions with the South African Rand and the US Dollar is 5 percent. This is a 50x higher rate compared to crypto.”