![]() ![]() In fact, cryptocurrency exchange Luno reports that there are thousands of merchants that accept Bitcoin in the country, including stationery seller Applebee, fashion clothing provider BLVD Boutique, and even hula hoop performers. More importantly, South Africa gives users more than a few choices where they can spend their Bitcoin. However, the drawback of buying Bitcoin through an ATM is the high transaction fees that range between 5% and 10%. These ATMs allow users to buy Bitcoin using cash in a quick and easy manner as it doesn’t require sign-ups and identity verification with exchanges, which might take up a few days to go through. South Africa has a total of five Bitcoin ATMs spread across the four cities of Cape Town, Pretoria, Johannesburg, and Nelspruit (Mbombela). Users, however, are advised against storing their Bitcoin in the Luno wallet as online reviews suggest due to certain concerns such as potential security flaws and long deposit and withdrawal times.Īnother way to buy Bitcoin in South Africa is through Bitcoin ATMs, through there aren’t many of them available in the country. Luno, for instance, allows users to instantly buy Bitcoin, is known for free deposits, and provides users with really high limits based on their verification level. There are different pros and cons of all the exchanges. Once you have a wallet in place, you can choose from the likes of Luno, Coinmama, CoinCorner, Bitit, and a few other options to buy Bitcoin from. In case you don’t have a wallet, you can go through our guide on the best Bitcoin and cryptocurrency wallets. However, buyers should keep in mind that they should first get a wallet to store the Bitcoin. Users looking to buy Bitcoin in South Africa can do so from one of the many exchanges available in the country. That could give Bitcoin adoption a boost in the country going forward as potential buyers will have measures in place to protect their investments. This makes it evident that South Africa will move in a cautious but progressive manner to regulate cryptocurrency and Bitcoin in the country. As a result, the agency will introduce measures to keep a check on financial terrorism and money laundering, and plans to introduce the rules in a retroactive manner based on the way the cryptocurrency industry in South Africa develops. ![]() For instance, the SARB’s consultation paper points out that a digital currency such as Bitcoin could fragment the monetary system of the country by influencing money demand and supply.Īdditionally, the unregulated nature of Bitcoin and other cryptocurrencies gives rise to potential scams according to the paper, so this is another area the SARB wants to address. ![]() The SARB is of the opinion that cryptocurrency-related businesses should register with the country’s Financial Intelligence Centre, a move that’s potentially aimed at increasing the adoption of the likes of Bitcoin by taking care of the risk-related factors. The regulatory environment for Bitcoin in South Africa has been favorable so far, though the Reserve Bank has made it clear that it won’t treat the digital currency as “currency” but as “crypto assets.” The South African Reserve Bank (SARB) released a “Consultation Paper on Policy Proposals for Crypto Assets” in January 2019 that suggests favorable guidelines and recommendations for digital currencies. However, Bitcoin trading in the country must have taken a hit in 2018 as Bitcoin’s value started tumbling, while the government also started taking steps to regulate the currency. Online trading platform eToro saw a massive spike of 671% in Bitcoin trading through its platform from January to November 2017 as compared to the prior-year period. When ratings agency S&P downgraded the country’s local currency debt to junk, Bitcoin trading in South Africa shot through the roof. That’s not surprising considering that South Africans have been on the lookout for alternative investment options to protect themselves against economic and political turmoil, like that experienced in July of 2021 when former President Jacob Zuma was arrested for contempt of court.īitcoin trading in South Africa started rising from March 2017 when the country’s finance minister had to vacate his post under controversial circumstances. In fact, South Africa ranks second in the list of countries that are most interested in Bitcoin after Nigeria, according to Google Trends. Bitcoin ATMs often have 5-10% fees per purchaseīitcoin is extremely popular in South Africa thanks to a variety of reasons, such as economic uncertainty and political tensions.
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