The country has the most sophisticated financial services sector in Africa and has been the front-runner in cryptocurrency taxation on the continent. This is in stark contrast to Zimbabwe which has banned banks form dealing in cryptocurrency payments and transactions.
In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.
The latest attempt is by Northwood Spar, whose general manager, George Neophytou, is optimistic that the timing is just right now. South Africa has also become a hub for digital ventures and innovators, with Zimbabwe’s Golix.com crypto exchange platform saying it will open a new office there as it expands into Africa.
“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”
According to a report, there is an estimated “200 000 to 300 000 people in South Africa involved in cryptocurrencies” as of the end of 2017…