HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

South Africa’s Central Bank Addresses Illicit Money Transfers in Bitcoin

Bitcoin 2019/12/03 21:09 by JP Buntinx
TheMerkle Sygniacoin South Africa

Governments around the globe are trying to regulate cryptocurrencies to the best of their abilities. Particularly where criminal use cases of Bitcoin are concerned, some new rules need to be introduced.

The South African central bank is currently working on a way to prevent the evasion of currency controls.

Another Central Bank Focusing on Bitcoin

According to the Reserve Bank of South Africa, cryptocurrencies are used on a “regular basis” for this type of purpose.

This news isn’t entirely surprising, as other banks in the country have begun to clamp down on cryptocurrencies as well.

There is currently no plan to ban the use of digital money in the country.

However, introducing a new law could help legitimize the industry even further.

The new proposal is expected to go into effect as of March 2020.

As part of the proposal, the central bank will continue to limit the amount of money to be moved out of South Africa.

Although most citizens never move over 1 million rand to other countries, it is an important first step regardless.

For those who do not wish to declare their transfers to the Revenue Service, cryptocurrencies are considered to be an alternative.

It is that train of thought that the central bank wants to eradicate altogether. 

How all of this will play out in the real world, is difficult to predict.

Proposals often look good on paper, but prove difficult to enforce in the real world. 

Image(s): Shutterstock.com

The post South Africa’s Central Bank Addresses Illicit Money Transfers in Bitcoin appeared first on The Merkle Hash.

0 Like(s)



You should also read...

Crypto 09/12/19 07:52 by Guest Author
Bao Casino: The Rise of Cryptocurrencies in the Online Betting Space
Cryptocurrency has become one of the universal means of exchanging goods and services in the past couple of years. The concept of a decentralized monetary structure is profitable not only for conduct...
Read More
Bitcoin 14/03/20 20:00 by Edwin Kinoti
Bitcoin Investors Show Great Resilience As Markets Rise
The crypto market experienced its worst single-day loss on March 12 as multiple cryptocurrencies prices plunged by more than 30% within 24 hours. Bitcoin alone lost around half its value while approx...
Read More
Bitcoin 28/05/20 15:46 by Nick James
CZ Believes Bitcoin’s Supply Is Running Out Amid Rapidly Growing Institutional Demand
Grayscale has been hitting the crypto news headlines of late. Apparently, this firm has been on a buying craze for Bitcoin since the halving, and people are taking note of this. Not Even Enough Fo...
Read More
Bitcoin 24/06/20 18:00 by Tony Spilotro
Brazil’s Shutdown of WhatsApp Pay May Spark Big Demand For Bitcoin as Currency
Bitcoin may see a major boost in demand following Brazil’s Central Bank blocking payments from the WhatsApp messenger app in the country. Brazil is the app’s second-largest market, leaving...
Read More
Other 07/07/20 22:00 by Tony Spilotro
Sell Setup Perfected With Chainlink’s Latest Pump To A New Record High
Although Bitcoin still can’t break above $10,000, nor can Ethereum overtake $250, Chainlink continues to set new record high after high. Even today, the crypto asset keeps raising the stakes on ...
Read More