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Dip in South African Economy Sees Rand Down and Rise in Bitcoin Trading

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Dip in South African Economy Sees Rand Down and Rise in Bitcoin Trading

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The South African economy is struggling with the Rand at a six-month low, but bitcoin continues to gain popularity with investors, writes bitcoinist.com.

In April of this year, the South African Central Reserve Bank (SARB) announced moves towards overseeing cryptocurrency and fintech developments in the country, suggesting rather than taking prohibitive regulatory measures, it would introduce an investigative unit which would promote growth and innovation. The South African Revenue Service also announced a new framework for cryptocurrency taxes.

As a result, cryptocurrency adoption has started growing in the region. AsiaCrypto puts Bitcoin’s continued popularity in South Africa down to the fact that some of the country’s larger asset holders are moving into crypto. “Bitcoin” is now reported to be the trending term on SA Google search.

Other factors according to AsiaCrypto is that South Africa actually benefited from the recent dip in crypto prices during 2018, as this has enabled the creation of new startup businesses. The struggling economy has also aided Bitcoin’s rise in popularity as massive selloffs in the financial market due to the Rand losing value has pushed some investors towards alternative markets, with cryptocurrency becoming a viable choice.

A recent survey conducted in South Africa maintained that one in four respondents confirmed they plan to invest in cryptocurrency in the future, and another 15% said that they would invest in mining equipment. Although, warnings of electricity hikes of up to 50% in the near future may well dampen the enthusiasm of prospective bitcoin miners.

Apart from a recent ATM being installed in Johannesburg, the cryptocurrency community has access to exchanges such as Luno and Paxful who are reportedly doing a healthy trade in Bitcoin with other pairs available. Also, the platform Coindirect enables users to buy and sell Litecoin, Bitcoin Cash, and Ripple.

A new trading platform is scheduled to be opened later this year by asset management company Sygnia.

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