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Tag: South Africa

South Africa’s Sygnia Joins the Bitcoin Bandwagon, Set to Launch Own Cryptocurrency Exchange

Category: Altcoins, Bitcoin, Business, Finance, News, Regulation

South Africa’s Sygnia Joins the Bitcoin Bandwagon, Set to Launch Own Cryptocurrency Exchange

The African continent is not ready to occupy the back seat in the blockchain and cryptocurrency revolution, as several firms in the region are contributing their bit to the crypto movement. On May 25, 2018, Johannesburg-based Sygnia investment firm has hinted it’s starting a blockchain-powered virtual currency exchange by the end of 2018. SygniaCoin Per BusinessTech, Sygnia CEO, Magda Wierzycka…

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South Africa Central Bank: “Cryptocurrencies Don’t Meet Requirements For Money”

Category: Altcoins, Bitcoin, Commentary, Finance, News, Regulation

South Africa Central Bank: “Cryptocurrencies Don’t Meet Requirements For Money”

South Africa is the latest country to try and classify cryptocurrencies as it looks to regulate the industry and generate income tax. According to the country’s Central Bank, digital currencies such as bitcoin (BTC) are mere “cyber-tokens” that don’t meet the criteria to be categorized as money. South African Cryptocurrency Classification According to Francois Groepe, the Reserve Bank Deputy Governor,…

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South African Authorities Investigate $80 million Bitcoin Scam

Category: Altcoins, Bitcoin, Finance, News

South African Authorities Investigate $80 million Bitcoin Scam

On May 25, 2018, South African authorities announced further information of an ongoing investigation of a cryptocurrency scam that has cost investors one billion rands ($80 million). False Claims and Investor Pitfalls According to Reuters, South African police mentioned that the investigation involved BTC Global, a cryptocurrency trading company. The cryptocurrency company told clients they would earn substantial returns starting…

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South African Kidnappers demand Ransom in Bitcoin for Abducted Teen

Category: Bitcoin, Crime, News

South African Kidnappers demand Ransom in Bitcoin for Abducted Teen

A South African gang who recently abducted a teenage boy, have on Sunday, May 20, 2018, demanded ransom in the form of bitcoin of approximately $120,000. According to Reuters, Katlego Marite 13, on Sunday afternoon, while playing with his friends in Frangipani Street, Tasbetpark Extension 3, Witbank, was suddenly dragged into a car. As reported by The Guardian, witnesses stated…

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South Africa to See Its First Cryptocurrency ATM

Category: Altcoins, Bitcoin, Business, Ethereum, News

South Africa to See Its First Cryptocurrency ATM

The potential and benefits of bitcoin and other cryptocurrencies are limited to one very critical factor – real-world adoption. The absence of which could also severely impede the growth of a decentralized economy. Moving forward in this regard is South Africa, which will soon be installing a cryptocurrency ATM for its citizens. Move Over Fiat, Bitcoin Is “In” According to…

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Bitcoin and Cryptos to be Taxed, Says South African Revenue Service

Category: Altcoins, Bitcoin, Mining, News, Regulation

Bitcoin and Cryptos to be Taxed, Says South African Revenue Service

Based on a statement published by the South African Revenue Service (SARS) on its website, on April 6, 2017, cryptocurrency holders will now need to pay taxes on their holdings. By virtue, South Africa is now one of the countries where the government has issued a definitive ruling on the issue of cryptocurrency taxation. South Africa remains one of the…

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South African Investors Swindled Out of More Than $50 Million Through Bitcoin Scam

Category: Bitcoin, Finance, News

South African Investors Swindled Out of More Than $50 Million Through Bitcoin Scam

While the popularity of cryptocurrencies is ever increasing and more and more people are getting involved in the investment side of digital currencies, there are still a lot of pitfalls in the sector that need to be avoided. Whenever there is an industry where significant sums of money are flooding in, there will be people trying to take advantage of…

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The State of Bitcoin in South Africa

Category: Bitcoin, Business, Commentary, News

The State of Bitcoin in South Africa

South Africa has one of the most active bitcoin economies on the African continent, gauged by its bitcoin trading volumes and the amount of bitcoin and blockchain startups it has. South Africa is one of the most developed countries in Africa and has the third largest economy in the continent after Nigeria and Egypt. While its economy has recently struggled…

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South Africa’s Pro-Bitcoin Stance Is Boosting Innovation In Africa’s Largest Economy

Category: Bitcoin, Business, News, Regulation

South Africa’s Pro-Bitcoin Stance Is Boosting Innovation In Africa’s Largest Economy

South African regulators have taken a positive stance towards Bitcoin and are thereby contributing to the creation of a favorable environment for bitcoin and blockchain startups to flourish. In a white paper published by the South African Reserve Bank in December 2014, South Africa’s central bank stated that, while cryptocurrencies (referred to as Decentralized Convertible Virtual Currencies in the paper)…

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