Cryptocurrency popularity in South Africa is continuously rising, as the country's national currency, rand, is experiencing a downtrend, having hit the 6 months-low in June.
9 July, AtoZ Markets – It appears that the interest for cryptocurrencies is growing significantly, thus surpassing just the territories of Asia, Europe, and North America. According to a number of online reports, the cryptocurrency boom also now is in full force in South Africa. This is in spite of the price downtrend that has been happening in the market so far.
Cryptocurrency Popularity in South Africa is on the Rise
For the most of 2018, the South African economy has been struggling to stabilize. This might be one of the reasons why country’s residents have turned to cryptocurrencies. The rand fiat currency has dropped to a six-month low in June.
Just recently, South Africa has set up its first multi-currency crypto ATM, while country’s search engines show the “Bitcoin” as the most highly searched keyword. Bitcoin exchange services in South Africa are also seeing record levels of demand from residents’ side. Some of the local companies, such as Paxful and Luno, has been allowing locals to trade Bitcoin. The latter, a cryptocurrency exchange platform, has enabled South Africans to trade BTC/rand and ETH/rand.
Some of the South African residents choose to diversify their cryptocurrency portfolio. This demand has been met by some of the local platforms, such as Coindirect. Coindirect allows locals to buy and sell Litecoin, Ripple, Bitcoin Cash, and a number of ERC-20 standard tokens.
Crypto Regulations in South Africa
As per the local media outlets, one of the asset management companies in South Africa, Sygnia, is planning to launch a cryptocurrency platform in the country. The CEO of the firm, Magda Wierzycka, has stated that the platform entitled SygniaCoin will provide trading services to the locals.
Back in May, South African apex banks have stated that the nation’s laws claimed that only institutions in the country have the power to issue and manage currency. The central bank is reportedly planning the creation of regulations for the crypto market. As of the moment, cryptocurrencies are not recognized by the law in the country.
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