The South African Reserve Bank (SARB) has taken its appeal to a higher court, disputing a recent High Court decision regarding the applicability of 1961 Exchange Control Regulations to cryptocurrency oversight. This appeal follows a ruling in a case involving Standard Bank client, where Bitcoin’s classification as ‘currency or foreign exchange’ was challenged, and apartheid-era laws were deemed irrelevant to cryptocurrencies which have only been around for fifteen years. The SARB argues that the transfer of 4,400 bitcoins by this client constitutes capital flight, asserting its authority under Section 22C of the regulations to intercept such transactions. Meanwhile, a local fintech company CEO emphasized the case’s implications, highlighting potential loopholes in current policies that allow cryptocurrencies to circumvent exchange controls.