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Goverment Of South Africa Will Regulate The Circulation Of Cryptocurrency

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The South Africa's government formed a working group that researched cryptocurrencies and blockchain technology to develop optimal regulatory measures aimed at creating a favorable climate for the development of the digital economy in South Africa.

According to the South Africa's Finance Minister Tito Mboweni, the working group will present the results of the research in 2019. The cryptocurrencies law is developed in accordance with the conclusions of experts and the wishes of crypto enterprises. Mboweni also reported on the government’s plans to tax the income earned from trading digital assets.

South Africans are positive towards virtual currencies. According to the survey, 38% of respondents expressed a desire to invest in cryptocurrency, over 70% of respondents believe that it is possible to earn some money on digital assets. In connection with the growing interest in the virtual currency market, South African authorities are going to regulate the digital sector to reduce the risks of fraud in the blockchain industry and fight money laundering and tax evasion.

Earlier this year, a new cryptocurrency trading platform VALR will be launched in South Africa. The project is being developed in collaboration with the popular Bittrex exchange, which provides technological support. At the VALR site, machine learning and artificial intelligence technology will be used to identify users. The platform will support more than 50 cryptocurrencies and will interest clients with a low commission for executing orders and withdrawing funds.

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