What do you think about the legality of Bitcoin in South Africa? The short answer is yes, as long as what you're buying; Sell Bitcoin in Ghana or Sell Bitcoin in South Africa legally. Currently, there is no regulation of cryptocurrencies in South Africa.
In the past, the Central Bank of South Africa (SARB) has warned that bitcoins lack legal status and a regulatory framework, thus posing a number of risks to the people that are transacting with them, such as the insecurity of the system, its inconvertibility, and an inability to convert the currency.
Further, the SARB noted that "there is no oversight, supervision or regulation of direct investment in VC landscapes, systems, or intermediaries for effectiveness, soundness, integrity, or robustness."
South African Reserve Bank Act, 1989
Specifically, the South African Reserve Bank Act, 1989 (Act no.90 of 1989) mandates that the SARB manages currency and can only issue coins and notes, which are defined as "Legal Tender."
Bitcoin, however, is not part of that definition. As a consequence, payments made via Bitcoin in South Africa cannot discharge a debtor of a financial obligation, and purchasers risk not being recognized by the law in the country. Merchants may also refuse to accept Bitcoin as a legal payment method.
Financial Markets Act, 2012
The Financial Markets Act, 2012 (Act No.19 of 2012) does not consider virtual currencies as securities. Therefore the regulatory standards that apply to the trading of securities do not apply to them.
Also, Read More Related Bitcoins
Sell Gift Cards Nigeria | Registered Gift Card Trading Company | Gift Card Rates Calculator | Sell Amazon Gift Cards in Nigeria | Best Gift Card Rates | Buy Gift Cards Online in Nigeria | Sell Gift Cards Online For USDT | Trusted online casino Malaysia minimum deposit rm10
Profiles: blogspot | blogger | issuu | slideserve | authorstream | behance | weheartit | deviantart | 500px | audiomack | soundcloud | scoop.it | dashburst | diigo | reddit | tumblr | folkd | ttlink | dribbble
