SOUTH AFRICA AND THE CRYPTOCURRENCIES
We have not heard news about Bitcoin and blockchain technology in the official media for some time. But that doesn't mean that each country is not developing a strategy of legal regulations to a new technology that can transform economic life and efficiency in many industries.
In the case of South Africa, being a very important country economically in the African continent could lead in its area of influence the adoption of blockchain technology.
The first decision that the government of South Africa has taken with respect to cryptocurrencies is to make it very clear that people who profit from trade in the cryptocurrency market are forced to pay taxes.
The monetary authority of South Africa does not consider cryptocurrencies as an official payment currency in their country, but as assets whose profits are subject to taxes.
SOURCE
In South Africa we have the Reserve Bank of South Africa (SARB) as the country's monetary authority. The SARB recently stated that cryptocurrencies are totally legal in the country and that they pose no threat to the South African Rand, nor to financial institutions.
Regarding possible legal regulations, the SARB has created a fintech working group to follow the evolution of cryptocurrencies. Being a technology that is still in development there is still no settled monetary legislation that regulates these assets and they prefer to wait for the technology to mature over time to make firm decisions on possible regulations.
cointelegraph.com
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