People of South Africa are highly interested in the cryptocurrencies that have led South Africans to regulate cryptocurrency Bitcoin. While pondering for the reasons in regulating cryptocurrencies is the fascination, the risk factors that are hidden within the virtual money requires to get secured by the government.
In order to increase the crypto trading process and easy access to the digital assets, few features similar to the bank are introduced to secure and safeguard crypto trading. The structure of the cryptocurrency will be developed such that the investors are secured and find ease in operating and transactions.
Provisions for the investors similar to the traditional banks are incorporated in the new laws of cryptocurrency. The traders will have the information about their accounts including the transactions of buying and selling bitcoins. According to data from Google Trends on Bitcoin, the density of people interested in cryptocurrency in South Africa and Uganda are on the higher rate. South Africans seem to be curious about the price, only in the digital sense. Compared on the basis of 2521 Bitcoin ATMs are present in the USA while only five of cryptocurrency bitcoin ATM are present in South Africa.
The presence of a fewer number of Bitcoin ATM and high rate price of bitcoin search shows that the application of bitcoin is less compared to the searches or interests of people. According to the CCN reports as published in collaboration with the National Treasury, the SA Revenue Services (Sars), the Financial Sector Conduct Authority (FSCA), and the Financial Intelligence Centre (FIC); the paper acknowledges the significance of cryptocurrencies as an “important fintech innovation.”
Also, the authorization for cryptocurrency bitcoin providers, strict laws will be issued under anti-money laundering (AML) laws. It will have the information about the physical address and the ID proof similar to the processes of banks to reduce the frauds. Coin Insider published that South Africa and other countries globally are driving into cryptocurrencies. Though a few strict regulations are introduced and this may help in both, adoption of the cryptocurrency and also the ecosystem as a whole.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]