Best Bitcoin Card for South Africa

The media repeatedly reported on possible crypto bans in South Africa. According to a paper, the government does not want to take any measures for the time being.

Central bank and partners want to create new rules

A recent paper from the South African Central Bank (SARB) now suggests that anyone wishing to speculate and trade with Bitcoin, Bitcoin Cash and other tokens has nothing to fear in the country for the time being. This also applies to payment transactions using digital foreign exchange. The document is called the “Discussion Paper on Policy Proposals for Crypto-Activities” and is not only a temporary reassurance for users worried about imminent government bans.

No ban, but obligation to register?

However, the basis for the discussion (because this is what the paper is currently about) suggests a potential registration obligation for service providers in the crypto sector. Both the operators of crypto currencies, at which ethereum and other coins can be withdrawn, as well as custody and payment services should possibly soon have to register with an authority founded specifically with a view to the crypto market. This refers to the IFWG – a so-called intergovernmental institution called the FinTech Working Group. It is true, however, that the authority does not only serve as a contact point for the registration of companies.

Authority to promote the sector

It will continue to promote the Fintech sector. Several important state bodies were responsible for the paper. In addition to the central bank, the Financial Sector Conduct Authority and the Financial Intelligence Center were also responsible for the paper. The jointly drafted declaration is to be published in mid-February. The news does not come as a complete surprise, as the central bank itself had only announced a test run for its own crypto system for payments involving the Ethereum block chain in mid-2018.

About South Africa

The Republic of South Africa is a country at the southern tip of Africa. The country with the capital Pretoria lies between 22 and 35 degrees south latitude and between 17 and 33 degrees east longitude. In the south and southeast the country borders on the Indian Ocean and in the west on the Atlantic Ocean. To the north are the neighbouring countries Namibia, Botswana and Zimbabwe, to the east Mozambique and Swaziland.

South Africa is an ethnically very mixed country in which people of all skin colours live and which is often called a rainbow nation because of this diversity. However, as the different ethnic groups did not always live side by side without conflict, ethnic problems and unrest between the white minority and the black majority dominated the history and politics of the country. South Africa is also one of the few countries in Africa where there has never been a coup d’état.

South Africa is for the most part in the warm temperate subtropics. Rainfall increases from west to east (from 50mm to 2,000mm per year). 65% of the country has less than 500mm rainfall per year. Average temperatures in Cape Town are 21°C in January and 13°C in July.