For example, we have been among the leaders of international efforts, through organizations such as the Basel Committee on Bank Supervision, to increase the quantities of capital and liquidity that banks must hold. At home, we are implementing standards that require banking organizations to adopt compensation policies that link pay to the institutions’ long-term performance and avoid encouraging excessive risk-taking.
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.