47% of South Africans Plan to Invest in Cryptocurrencies

1 week ago admin2 0
south africa

Join our community of 10 000 traders on Hacked.com for just $39 per month.

South Africa has the most sophisticated economy and financial sector on the continent, and its citizens are increasingly warming up to the idea of investing and trading in cryptocurrencies — despite regulatory concerns over such decentralised digital financial assets across the world.

The MyBroadband 2018 Cryptocurrency Survey — completed in April — shows that more South Africans who have never previously held cryptocurrencies are planning to invest in cryptocurrencies either by purchasing them directly or by gaining exposure to the industry through investments in related enterprises such as cryptocurrency mining.

“Of the survey respondents who do not own or who have never owned cryptocurrency, almost 50% said they plan to invest in an aspect of cryptocurrency or crypto mining in 2018,” reported the MyBroadband tech news and research site on Friday.

Several other tech savvy South Africans who responded to the survey said they were still planning to buy tokens despite never having been invested in the area.

Global prices for bitcoin and etherium skyrocketed in 2017 before bottoming out early 2018 while prices have been volatile in the past few weeks. Prices of cryptocurrencies are susceptible to developments and regulatory issues around the digital assets across the world.

About 25% of respondents to the MyBroadband survey they “will invest in cryptocurrency” while around “15% will invest in cryptocurrency and crypto mining.” A further 7% said they would invest in crypto mining

Cliffe Dekker Hofmeyer  says the recent decision taken by the South African Revenue Authority (SARS) to tax cryptocurrencies was “anticipated” owing to the “growing popularity of cryptocurrencies in South Africa and following the absence of legislation relating to the taxation and regulation” of virtual currencies.

Reports say cryptocurrency trading is on the surge in South Africa, with some restaurants and businesses already accepting virtual currencies for payments. Other African countries such as Zimbabwe have shied away from acknowledging trade in bitcoin despite virtual currencies increasingly helping plug liquidity and foreign currency shortages for international transactions.

Featured Image from Shutterstock

Follow us on Telegram.



Related Posts

Rising Transaction Costs Could Trigger a Bitcoin Price Crash: CME Economist

admin2 5 months ago
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. A CME Group economist believes that rising transaction costs could cause a bitcoin price crash. Erik... Read More

SEC Targets ICOs in Broad Cryptocurrency Markets Investigation

admin2 3 months ago
Advertisement Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. While all may seem quiet on the regulatory front, it could just be the calm before... Read More

US Congressman: ‘Race to Regulate’ Won’t Solve Crypto Fraud

admin2 4 weeks ago
Though fraud is undoubtedly an issue in the cryptocurrency ecosystem, U.S. Congressman Patrick McHenry believes lawmakers shouldn’t rush to impose new regulations. “It’s my fear that Congress and other... Read More

Bitcoin Price Plunges Below $7,000 as Bitcoin Cash Surges 30%

admin2 6 months ago
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. The bitcoin price continued to decline on Friday in the wake of SegWit2x’s indefinite suspension, reducing... Read More

Leave a comment.