South African Reserve Bank (SARB) Governor Lesetja Kganyago recently questioned the logic of incorporating bitcoin into countries’ federal reserves, equating it with traditional assets such as gold. His statements were given within the framework of the World Economic Forum in Davos, Switzerland.
In this way, Kganyago urged States not to succumb to the influence of lobbyists who promote specific products. The economist expressed his discomfort with the idea that certain groups pressure governments to accumulate certain assets, without considering the general strategy of the administration in question. Besides, He made reference to the fact that reserves of value such as gold have a history, implying that bitcoin lacks a history or that it has not yet achieved the longevity necessary to generate trust.
I would have a big problem with a lobby that suggests that governments should keep this or that asset without considering what the government’s strategic intent is. Gold has a history, but now certain groups say bitcoin… I mean, why not platinum or coal? Why not maintain strategic reserves of beef, lamb or even apples? Why bitcoin?
Lesetja Kganyago, Governor of the South African Reserve Bank (SARB).
In South Africa, renowned tech entrepreneur Stafford Masie, a strong bitcoin advocate, has been one of the main drivers for the government to adopt a strategic BTC reserve. Via the social network
At the end of 2024, Masie shared a post from the political group Mkhonto We Sizwe on
A bitcoin reserve implies that a government begins to accumulate BTC on a regular basis, integrating it as part of its national treasury. Countries have relied on assets like gold and the US dollar for many years, but increasingly there is a greater need to diversify funds and protect against inflation so characteristic of fiat currencies.
If we focus on the African continent, it is worth highlighting that Kenya is taking firm steps towards the legalization of trading in bitcoin and other cryptocurrencies. According to Treasury Secretary John Mbadi, the government is developing a legal framework to regulate and supervise exchanges, with the aim of taking advantage of the opportunities offered by the sector while reducing risks such as fraud, money laundering and terrorist financing. . This change includes a legislative proposal, under review since last December, that seeks to create a safe, competitive and stable market.
Kganyago’s statements come at a time when the cryptoasset community is awaiting the changes that Donald Trump’s new administration will promote. It remains to be seen whether the president will launch his promised national bitcoin treasury, but for now he has already fulfilled one of the most important promises he made to the community: the pardon of Ross Ulbricht.