Legality And Regulation Of Bitcoin And Other Cryptocurrencies In South Africa

Feb 06, 2018 Admin Regulation
South Africa
South African Reserve Bank

From a recent report, it is evident that South African Reserve Bank will be trying out cryptocurrency regulations. The chief executive officer of Bankymoon in the person of Lorien Gamaroff has confirmed the deal. Gamaroff continued by saying that his company has been chosen as the premier service to try out cryptocurrency regulations in South Africa. Among the advanced economies to embrace the development of crypto regulations, SA has been found lagging in the entire process. At the moment, South Africa is on the path to creating a system that regulates the operation of cryptocurrencies and bitcoins. In discussing the framework of the process, Lorien has provided the SARB the sandbox to get started according to the announcement of the South African government. 

Does South Africa Consider Bitcoin As A Legal Currency?

Bitcoin is considered a legal currency in South Africa. Provided you are involved in an authorized activity with bitcoin, it is considered legal. In South Africa, cryptocurrency remains unre...

Legality And Regulation Of Bitcoin And Other Cryptocurrencies In Venezuela

Jan 15, 2018 Admin Regulation
Banco Central de Venezuela

Venezuela is a nation that is relying completely on cryptocurrencies like Bitcoin after the nation was struck by hyperinflation, which had adversely affected the nation’s economy. And the reason why Venezuelan people are using Bitcoin and Ethereum as an exchange is these cryptocurrencies are immune to inflation. Many Venezuelans have taken to bitcoin mining in a desperate attempt to earn some money. Bitcoin mining involves executing computations that are complex in nature and recording them in the blockchain, a distributed digital ledger. For the bitcoin mining work that they do, they are compensated using bitcoins.

Virtual currencies have become a necessity for transactions that are related to buying and selling goods and services. Initially, the nation’s leading bitcoin exchange was SurBitcoin but after the economy of the nation went down and Banesco bank shut down, the operations for the bitcoin exchange to be temporarily discontinued.

How are Cryptocurrencies Regulated In Venezuela


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