South Africa says crypto and stablecoins are not legal tender, weighs local stablecoins

South Africa’s central bank and market regulator said on June 2, 2026 that crypto assets and stablecoins do not qualify as legal tender under the National Payments System Act. They said the IFWG will study rand-pegged stablecoin use cases by late 2026, while signaling foreign currency-pegged stablecoins are unlikely to be accepted for domestic payments due to dollarization risk.