Crypto

South Africa’s Central Bank Addresses Illicit Money Transfers in Bitcoin

Governments around the globe are trying to regulate cryptocurrencies to the best of their abilities. Particularly where criminal use cases of Bitcoin are concerned, some new rules need to be introduced.

The South African central bank is currently working on a way to prevent the evasion of currency controls.

Another Central Bank Focusing on Bitcoin

According to the Reserve Bank of South Africa, cryptocurrencies are used on a “regular basis” for this type of purpose.

This news isn’t entirely surprising, as other banks in the country have begun to clamp down on cryptocurrencies as well.

There is currently no plan to ban the use of digital money in the country.

However, introducing a new law could help legitimize the industry even further.

The new proposal is expected to go into effect as of March 2020.

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As part of the proposal, the central bank will continue to limit the amount of money to be moved out of South Africa.

Although most citizens never move over 1 million rand to other countries, it is an important first step regardless.

For those who do not wish to declare their transfers to the Revenue Service, cryptocurrencies are considered to be an alternative.

It is that train of thought that the central bank wants to eradicate altogether. 

How all of this will play out in the real world, is difficult to predict.

Proposals often look good on paper, but prove difficult to enforce in the real world. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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