PANews reported on June 5 that according to Bitcoin.com, the South African Reserve Bank (SARB) appealed the High Court ruling on June 2, insisting that the Foreign Exchange Control Regulations promulgated in 1961 still apply to cryptocurrency regulation. Previously, the court ruled in the Standard Bank customer case: 1) Bitcoin does not belong to "currency or foreign exchange"; 2) Apartheid-era laws do not apply to cryptocurrencies that have only existed for 15 years. The central bank argued that the customer's transfer of 4,400 bitcoins to the Seychelles exchange constituted capital flight, and Article 22C of the regulations gave it the right to intercept. The CEO of a local fintech company pointed out that this case exposed loopholes in the current policy that allow cryptocurrency to circumvent foreign exchange controls.