Business 20 February 2019

Dennis Wafula

South Africa ranks top in ownership of cryptocurrency

Hootsuite, a social media management company, and global agency Wearesocial have rated South Africa as the top country for ownership of cryptocurrency in a recently concluded a global survey.

According to the Global Digital Report 2019, South Africa ranks first with 10.7 percent of internet users owning cryptocurrencies. The second on the list was Thailand with 9.9 percent and Indonesia landed in third place with 5.5 percent.

The survey was collected from internet users aged between 16 to 64 years from June to September last year.

Other countries in Africa, such as Kenya and Ghana, also managed to be ranked among the top 45 in the Global Digital Report.

The report is a clear indication that Africa is leading the way in blockchain technology and cryptocurrency adoption. Some are using these digital currencies to make payments both locally and internationally. Others are using cryptocurrencies for investment purposes.

The top ranking comes at a time when authorities in the country have asked the members of the public to submit their opinions on the proposed policies and regulations for digital assets in the country. The South African Reserve Bank (SARB) has also issued a consultation policy paper that has many proposals for the crypto space in the country. Some of the proposals in the policy paper include leaving crypto-assets without legal tender status.

Reportedly the paper also proposes a review of the existing crypto framework. The bank stated:

“The phased approach, starting with the registration requirement, could lead to formal authorization and designation as a registered/licensed provider for crypto asset services operating in South Africa at a later stage.”

Earlier this month the South African president Cyril Ramaphosa signed the Taxation Laws Amendment Act. In the new act, cryptocurrencies no longer classifies as currencies but as “financial instruments.” This means that losses incurred by crypto taxpayers cannot be written off against profits made on other generating activities.

Last year, Paxful a peer-to-peer bitcoin market place gave a report that showed crypto growth in Africa. According to Paxful, Africa contributed to about 225 percent (about 1.2 billion) of their transaction. About 25 percent come from South Africa.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

CipherBlade share a lesson about crypto theft

Business 24 May 2019

CipherBlade share a lesson about crypto theft

Coinomi have been blamed for losing a customers funds, but a new investigation shows they probably weren’t to blame at all.

Read More
Brazilian police arrest culprits behind $210 million crypto scam

Business 24 May 2019

Brazilian police arrest culprits behind $210 million crypto scam

Brazil has cracked down on a massive pyramid scheme that brought in over 50 thousand victims.

Read More
Russia’s central bank expects crypto regulation bill in spring

Business 24 May 2019

Russia’s central bank expects crypto regulation bill in spring

A member of the Central Bank of Russia says she expects crypto regulations to kick in sometime in the spring of 2019.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]