South Africa Will Implement Measures To Prevent Evasion Of Currency Using Cryptocurrency.

South Africa is leader in Bitcoin Transactions in Africa. The Country has favourable environment to Crypto Development and adoption, but lately there are some backups in the Field and the South African Reserve Bank (SARB)will implement measures to prevent currency evasion with cryptocurrencies


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The Plan Of the South African Reserve Bank is to implement the measures to prevent the National Currency to go abroad in Cryptocurrency and to avoid that there will be limits In the amount of money that can be sent out of the Country and will take effect next year.


This measures has seen from Investors as a very conservative from the Reserve Bank and that can refrain new Investments in the Crypto South African Market.


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In the Past weeks the First National Bank (FNB) released an communicate that all Bank Accounts linked with Crypto Exchanges will be shutdown starting from March 2020 ,as they say the " the crypto accounts "have appetite for risk" and accounts from Luno the most biggest Exchange operating In the Country is affected.


Apart of this, the Cryptocurrency In the Country have gained more Robust Market and Adoption is in "maximum force'' .


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Paxful ,an P2P Platform impulsioned by the high demand in  crypto In the Continent from last 12 months opened more than 800000 new wallets from Countries like Nigeria, Ghana and Kenya.


 




Resources



  1. https://pixabay.com/photos/flag-banner-nation-emblem-country-2529110/https://pixabay.com/photos/flag-banner-nation-emblem-country-2529110/

  2. https://pixabay.com/illustrations/image-set-interface-internet-3046639/

  3. https://pixabay.com/photos/money-south-africa-nelson-mandela-2951142/

  4. https://pixabay.com/photos/landscape-autumn-fog-village-615429/

  5. https://pixabay.com/photos/south-africa-landscape-scenic-sky-1982418/

COMMENT

21

EngrSamest .
03 Dec

It is a great deal to see Africa countries making huge waves in the crypto world. This is a positive sign of huge adoption.

2 REPLY

17

Alberto Dionisio
03 Dec

South Africa is adopting hugely BTC and Investments in the crypto space are increasing that is letting to Financial to start seeking for few Regulations!

0 REPLY

19

Imo Clement Ekuma
03 Dec

Africa has already welcomed crypto and government saying all these can be said beating around the Bush 

2 REPLY

17

Alberto Dionisio
03 Dec

Yes they are starting to get worried about movement In the Field of Crypto and believe thay some Regulations may be good to avoid Evasion.

0 REPLY

23

preview not available Hafsa M
03 Dec

great article, africa is adopting cryptocurrency which is really good for their future

2 REPLY

17

Alberto Dionisio
03 Dec

Yes Hafsa Africa is getting involved in Crypto like never before and the mass adoption is starting to bring positive results to the society,many youngsters are living from Cryptocurrency and reducing the unemployment!

0 REPLY

24

preview not available Shadda 🇵🇰
03 Dec

Africa had been always welcoming Cryptocurencies. and always produces favorable environment for Cryptocurrency. 

1 REPLY

17

Alberto Dionisio
03 Dec

This is particularly Great to see this movements in the Field and seeing that adoption is ongoing!

0 REPLY

19

Kostas Tsakaloglou
03 Dec

First they ignore you, then they laugh at you. then they ridicule you, then they fight you, then you win!

1 REPLY

17

Alberto Dionisio
03 Dec

You always win ..you just need patient 👌

0 REPLY

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