Overview
Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry.
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South Africa News
South Africa has the second largest economy in Africa, with large agricultural and tourism sectors. It also has a high poverty rate and is one of the top 10 countries for income inequality. The South African population is widely diverse and South African news indicates there are numerous racial, cultural and ethnic conflicts. Still, South Africa is considered, potentially, to be one of the most developed African countries in terms of their economy, infrastructure and investment strategies. South Africa haven’t provided any legal status or regulatory framework concerning cryptocurrencies until 2018, when the South African Revenue Service released a statement, saying cryptocurrency would be a taxable object. The South African Reserve Bank is working with blockchain-based solutions provider Bankymoon to test new cryptocurrency regulations.
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African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response
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Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year.
4228 - News
Mirror Trading International is getting flak from regulators worldwide.
13793 - Analysis
Crypto regulation in 2020: The U.S. tightens regulation of crypto, while India has finally allowed banks to get involved with firms.
11157 - News
VaultAge Solutions CEO has been tracked down by South African authorities and angered investors.
5987 - News
Investors in an alleged $17 million crypto scam are filing a lawsuit with the Port Elizabeth High Court against the CEO of VaultAge Solutions.
4637 - News
The operator of an alleged seven-figure crypto scam appears to have fled the country of South Africa for Mozambique.
6798 - News
Crypto adoption appears to be growing across the continent of Africa.
15899 - News
According to a new report, African nations have the highest rates of cryptocurrency adoption throughout the world.
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In yet another expansion initiative, Binance adds support for deposits and withdrawals in South African rand.
7460 - Opinion
Blockchain technology could help the African gold industry boost the continent’s economic growth, even during the coronavirus pandemic.
4973 - News
In its most recent position paper, the IFWG labeled crypto as a possible (but unlikely) threat to South Africa's monetary system.
1792 - Analysis
A South African team is building a blockchain-powered COVID-19 status verification app, using a different approach to Russian, Chinese solutions.
3921 - News
The Cardano Foundation looks forward to strengthening South Africa’s blockchain awareness.
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