Interoperability is an essential aspect of owning your digital identity. This means that you should be able to move your avatars and assets between different platforms, allowing you to maintain your digital identity across multiple platforms and ensuring that your investments in virtual worlds and social networks are not lost if you decide to switch platforms. The New Frontier Presents (NFP) Store is a great example of a platform that offers interoperable assets. They accept thousands of different tokens across…
South Africa
New South African Laws to View Crypto as “Financial Assets”
During a virtual seminar earlier this week, deputy governor Kuben Naidoo revealed the South African Reserve Bank’s plans to proceed with crypto regulation. Naidoo says the bank rather sees cryptocurrencies as "assets" rather than as conventional currencies. The institution will roll out somewhat crypto-friendly laws within the next 12-18 months. Crypto Adoption in South Africa South Africa’s crypto community is thriving significantly. According to research from exchange Luno, roughly 13% of the nation’s residents hold digital assets of some kind.…
8 months ago 640 views
Giving Financial Freedom through Bitcoin – A Story from South Africa
Among the many benefits of cryptocurrencies, the world is discovering the help they can bring to poorer countries. In addition, cryptocurrencies can play an important role when centralized money isn't easily accessible. As an example, today, we will talk about an exciting story from South Africa. In this region, in sub-urban areas, Bitcoin adoption could change the lives of several people. Hermann Vivier and Bitcoin Ekasi Increasingly, we hear stories demonstrating the growth of cryptocurrencies in geographic areas with challenging…
1 year ago 1.3 k views
South African Crypto Traders Risks Two Years In Prison For Tax Evasion
South Africa's tax authority, the South African Revenue Service (SARS), has recently requested that every taxpayer in the country send it an audit of their cryptocurrency purchases and trades. According to a Tax Consulting South Africa report, a South African firm offering tax advice, consulting, and compliance services, the company said that it had been approached by many taxpayers who had received the audit request. SARS had requested basic information regarding each taxpayer's returns in addition to the reason for…
2 years ago 730 views
Why Africa Is Becoming the Next Blockchain Technology Hub
Africa is the second-largest and second most populated continent globally but isn't at the forefront of traditional ventures. However, in the wake of blockchain technology and the cryptocurrency market, it is due to a significant change. Ghana, South Africa, Uganda, Kenya, and Nigeria are among the top ten countries with the highest Google search for 'Cryptocurrency.' Furthermore, African countries are laying the necessary foundations for the cryptocurrency industry to thrive. Bitcoin advocate and Twitter founder Jack Dorsey noted in 2019…
3 years ago 829 views