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.
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.
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.
BlockDAG Leads with Moon Keynote Strategy as Presale Hits $20.6 Million Amid Cardano Downturn &…
Since 2021, crypto investors, especially those who missed out on Dogecoin (DOGE) and Shiba Inu…
The crypto landscape has again been transformed by the recent Bitcoin halving event, setting the…
One thing most speculators and crypto enthusiasts following BEFE recently have all been asking "What…
Investors in the cryptocurrency sphere upkeep seeking juicy openings that can give them fiscal returns…
The world of cryptocurrency is constantly evolving, with new projects emerging at a rapid pace.…