South Africans Invest Hugely In Cryptocurrency
South Africans Invest Hugely In Cryptocurrency: South Africa has been described as hot market for cryptocurrency adoption. The country which has the most sophisticated economy and financial sector on the continent, has its citizens to the idea of investing and trading in cryptocurrencies.
According to a finance expert, the recent decision taken by the South African Revenue Authority (SARS) to tax cryptocurrencies was anticipated owing to the growing popularity of cryptocurrencies in South Africa and following the absence of legislation relating to the taxation and regulation of virtual currencies.
Reports have also shown that cryptocurrency trading is on the increase in South Africa with some restaurants and businesses already accepting virtual currencies for payments.