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South Africa: The Most Friendly Bitcoin State in Africa

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Many African States have in one way or the other hindered the growth of bitcoin or cryptocurrency in the Continent. South Africa still remains the truly friendly Bitcoin state in Africa.

Why South Africa?

South Africa has the richest economy in the continent. It was only in 2014 that the Southern Country became the second biggest economy after Nigeria, with a Gross Domestic Product of $350 billion, according to the International Monetary Fund.

In South Africa, bitcoin and other cryptocurrencies are growing in popularity. According to Google trends, the highest number of bitcoin searches in the world occur in the Southern African country.

According to a Mybroadband survey that was conducted early this year 2018, about 50 percent of South Africans plan to put some money into cryptocurrencies.

South Africa which is currently Africa’s biggest economy state, is a home to a number of digital currency exchanges – including Luno, which operates in 40 countries worldwide – allowing people to buy and sell digital coins like bitcoin in the local Rand currency.

South African Reserve Bank

The South African Reserve Bank (SARB) has pilot tested an inter-bank settlement system code named Project Kohka, which runs on the Ethereum blockchain. The purpose of this was to speed up payments, the system is understood to have performed “exceedingly well” during simulated trials for real-time gross settlements between banking institutions.

Although, the SARB does not recognize cryptocurrency as legal tender, it however did not stop people from trading with cryptocurrencies. Instead, the bank only urged individuals to trade with caution.

The country’s revenue authority, however, has announced that profits made from cryptocurrency transactions will be taxed in accordance with the South African income tax law.

There is no doubt, South Africa demonstrates incredible potential to becoming a leader in blockchain development in Africa, leveraging on its well-developed financial and technological infrastructure, friendly regulatory environment and the rising public interest in virtual money. No matter what, South Africa still remains the most friendly bitcoin state in Africa.

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