South Africa

It is becoming a norm in Africa for founders of cryptocurrency exchanges to lure investors to store and multiply their fortune in bitcoin and other forms of digital currencies through their exchanges and then suddenly run away with all the money.

Making a digital payment, e.g. using cryptocurrency is still, for many Italians, an operation that could potentially be a security risk. To highlight it is a study conducted by Luno, a company specialized in cryptocurrencies, through the Dalia Research platform on a sample of a thousand people for each of the countries taken into consideration are Italy, France, Indonesia, the United Kingdom, Malaysia, Nigeria and South Africa.

Another Ponzi scheme, dubbed Bitcoin Wallet, left investors with nothing, according to the Ladysmith Gazette. The investment scheme was one of the most lucrative projects in South Africa that saw many potential people, investors and companies willingly put their money in it, with the hope of acquiring abnormal returns in the shortest time possible.

The head of Iran’s Trade Promotion Organization (ITPO) has said that the country is in talks with senior representatives from 8 nations to begin transactions with its ‘IranCoin’ - the newly created State-backed digital currency, Crypto-Rial, according to Tehran Times, a local news outlet.

In a struggle that will change the face of blockchain development in the nation and the continent at large, the South African Reserve Bank (SARB) has softly left out digital currency developers from a tax incentive that is particularly aimed at technological innovation, according to a report by BusinessLive.

Are Reserve Banks and Treasuries dodging the inclination of digital currencies? Crypto has gathered great momentum in the last few years and has now become a perilous, but very profitable, investment or trading alternative. South Africa has been delaying the regulation of cryptos and for a long time, their use has been totally unregulated.

Crypto continues to garner a lot of interest in South Africa (S.A), particularly taking into account the recent news of government corruption and land expropriation. Citizens are comprehensively worried about the future of the country's economy and are searching for alternative means to store wealth.

The Central Bank of South Africa disclosed flabbergasting outcomes on Tuesday for a particular trial of its blockchain-based system for interbank clearance and settlement.

Welcome back to the Coin Idol TV News channel. Digest on April 9 features the following topics from the world of Blockchain and cryptocurrency: South Africa to tax any activity related to cryptocurrencies, such as bitcoin, Wall Street getting into cryptocurrency makes BTC price go up.