This work group was established to better understand virtual currencies such as Bitcoin and their regulatory implications. The IWG consisted of National Treasury, the Financial Intelligence Centre, the South African Revenue Services, and the SARB. In 2014, the working group issued a user alert on virtual currencies through National Treasury.
Because of sizeable excess liquidity expected to prevail over the coming years, the deposit facility rate is the policy rate that can steer those interbank conditions most effectively. Benoît Cœuré argued that given your oversized balance sheet, you can retreat from asset buys without risking an unwarranted rise in term premia. Do you agree with this argument?