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Rand stablecoin issuers have positively received the treasury's plans to revise rules concerning cross-border cryptocurrency operations. They insist that their tokens should be treated as means of payment, not as capital movement, and that companies should be able to use them.

Finance Minister Enoch Godongwana informed parliament on Wednesday that the draft capital outflow management provisions, which included cross-border regulation of crypto assets, had received thousands of comments, and that 'we need to change the approach to these amendments.'

In his statement on medium-term fiscal policy, he clarified that the treasury would abandon preliminary permits and instead assess transactions for legality and tax compliance, guided by the recommendations of the Financial Stability Council. Although a second revised draft will follow, the date of its release was not specified, nor were the specific provisions that would change.

Support for stablecoin issuers

Simon Dingl, co-founder of the Rand stablecoin Zarp, stated that this announcement is 'a clear sign that the treasury and the Reserve Bank have listened to the thousands of submissions on the draft rules.'

He emphasized that 'a fully collateralized Rand stablecoin, such as Zarp, is not capital leaving the country.' Dingl added that treating every stablecoin payment as a capital outflow, while the same payment via a bank is not considered one, never made sense, and they hope this distinction will be clearly reflected in the second draft.

Furthermore, he called for the abolition of the ban on companies moving cryptocurrency across borders, as 'business-to-business payments are where stablecoins bring the most value.'

Previously, in August, the crypto asset guidelines draft stipulated a ban on South African companies moving cryptocurrency across the border in any direction, placing the young Rand stablecoin market before a potential regulatory hurdle.

Control over exchange operations

Dingl also noted that 'pre-approval regimes do not practically stop capital outflows. They push activity abroad and into the shadows,' arguing that exchange control accelerated the outflow of funds it was supposed to stop. He concluded that the country should abolish exchange control, and this is a positive step in that direction.

ZAR Supercoin from Super Group also welcomed this shift. Gideon Graves, Managing Director of Supercoin, called the move towards assessing transactions for legality and tax compliance a 'positive step.'

He explained that a licensed Rand-backed stablecoin can function as a transparent local payment instrument. When two South Africans make a transaction using ZARsc, the Rand backing the coin remains in a South African bank account.

Graves expressed hope that the mention of the FSC means 'rules that recognize the difference between an internal Rand stablecoin and other crypto assets.'

Johann Olivier, Partner and Global Co-Head of Digital Assets at Forvis Mazars, noted that this shift recognizes that 'regulation should identify and eliminate actual risks, not prevent legitimate participation before it begins.'

According to data published Tuesday by the crypto payment company MoneyBadger, the monthly purchase value in Zaru, a Rand stablecoin issued by BlockTower South Africa, increased from R484,207 in June to 1.28 million in September, which is 2.64 times the June level. The growth then slowed to 10.6% between August and September.

Currently, in 2026, Zaru accounted for 7.7% of order checkout expenses on the MoneyBadger network, trailing Bitcoin at 39.9% and the dollar stablecoin USDT at 36.1%.

ZARsc recorded R4,408 in September, a 286.9% increase from August, when the base was low. This growth occurred during the Luno Pay reward campaign, which ran from June 1 to January 31, 2027, under which Luno clients received 15% back on purchases of R100 or more paid with Zaru, capped at R500 per 30-day period. The reward is paid in Tether Gold, a tokenized gold asset, not in Rand or Zaru. Luno is now promoting this reward at Engen gas stations.

MoneyBadger also has ties to Zaru sponsors. Its CEO and co-founder, Karel van Wyk, founded Luno, one of the three shareholders of BlockTower alongside Sanlam. Luno is also one of the exchanges MoneyBadger works with. MoneyBadger figures cover only confirmed checkout activity on its own network, not overall volume or issuer trading.

Zaru was launched in February with support from Luno, Sanlam, EasyEquities, and Lesaka. Its latest reserve confirmation report, conducted according to the agreed Moore audit procedure on October 1, showed that turnover on August 31 was 61.6 million tokens, compared to 58.4 million at the end of June.

Zarp, launched in 2021, operates as a representative of the licensed financial services provider Inves Capital, with its reserves managed by Old Mutual Wealth. Its public dashboard showed a circulation of R81.9 million on Thursday, a slight change from R81.5 million in August, and it is backed by reserves of R93.3 million.

Olivier from Forvis Mazars concluded: 'If South African businesses cannot effectively interact with international platforms and new financial infrastructure, the world market will not wait.' He added that the market will continue to develop using USD, EUR, and other currency-backed instruments, potentially making the Rand increasingly peripheral.

South Africans have received long-awaited support from the Ministry of Finance, as Finance Minister Enoch Godongwana announced measures to ease the fuel burden, which will take effect on November 4th. During his Medium-Term Budget Policy Statement presented to Parliament on Wednesday, Godongwana announced a temporary reduction in the overall fuel levy.

This means that from November 4th to December 1st, a tax deferral of 3 rand will be provided for diesel and 1.50 rand for petrol. Subsequently, until January 5th, these amounts will decrease to 1.50 rand for diesel and 1 rand for petrol.

How will this affect pump prices?

Due to the volatility of global oil prices, including a recent surge, it is difficult to accurately forecast fuel price adjustments in November. However, the latest data from the Central Energy Fund shows a more optimistic outlook compared to the beginning of the month.

Although the latest CEF report still indicates accumulated shortfalls of between 1.37 and 1.46 rand for petrol, there has been a slight over-receipt in recent days. If this trend continues, the increase is likely to remain below the 1 rand per litre mark, leading to a fuel price decrease of 50 cents or more after accounting for the tax deferral.

Diesel prices also look more encouraging. Current forecasts suggest a possible increase of approximately 1.25 rand per litre, although it may rise slightly by the end of the month if international prices remain at current levels. Nevertheless, diesel drivers may still see a price drop of 1.50 rand or more per litre.

With the implementation of the above forecasts, petrol prices in November are expected to range from 28.88 to 29.75 rand per litre, while diesel should cost between 29.58 and 31.30 rand per litre at wholesale, depending on grade and location.

While this deferral should help mitigate rising transport costs, which have increased by more than 10% year-on-year according to the latest Consumer Price Index (CPI), the long-term outlook for fuel prices remains bleak. If the conflict in the Middle East is not resolved by the end of the year, South Africans may face record fuel prices again in January.

The Tank Still Costs Hundreds More

Following the sharp price increases in October, a litre of unleaded petrol 95 currently costs 29.38 rand on the coast and 30.25 rand in Gauteng. This is 8.80 rand more than a year ago. Consequently, a 40-litre tank now costs approximately 350 rand more than a year ago.

Diesel has also reached record levels: the wholesale price for 500ppm is currently 31.08 rand on the coast and 31.95 rand inland, while 50ppm is 31.93 and 32.80 rand respectively. Retail prices, depending on the point of sale, are likely to fluctuate between 33 and 35 rand.

Even with the 1.50 rand deferral in November, South Africans will still pay over 30 rand at the pump for diesel.

Over the year, the price for 500ppm has risen by 12.57 rand. A 70-litre tank now costs 880 rand more.

Calls for Permanent Improvements

The National Association of Automobile Dealers welcomed the temporary fuel tax deferral but stated that these measures must lead to sustainable improvements in affordability for households. NADA Chairman Brandon Cohen stated: 'Fuel costs affect household budgets, business expenses, and mobility access. The temporary reduction in levies will provide some relief for drivers and businesses dependent on vehicles for their livelihood.'

Cohen noted that these measures acknowledge the pressure that transport costs place on the broader economy, including public transport users and businesses involved in goods transportation and service provision. He added: 'Affordability goes far beyond the purchase price of a vehicle. Consumers must consider loan repayments, fuel, insurance, and maintenance alongside other household expenses. Reducing the fuel levy helps with one of these cost components, but sustainable improvements require higher household income, job growth, and reduced pressure on daily expenses.'

The South African National Taxi Council (SANTACO) also endorsed the announcement of the temporary fuel relief, calling it a positive step towards reducing the financial pressure currently felt by the transport sector. The council also assured passengers that there would be no immediate fare increases related to fuel while the industry continues to engage with the government in search of more sustainable, long-term support measures.