• Latest
South Africa to Impose Strict Control over Cryptocurrency Transfers

South Africa to Impose Strict Control over Cryptocurrency Transfers

December 2, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ripple

South Africa to Impose Strict Control over Cryptocurrency Transfers

coinnewsdaily by coinnewsdaily
December 2, 2019
in Ripple
0
South Africa to Impose Strict Control over Cryptocurrency Transfers
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

price analysis 4/20: btc, eth, bnb, xrp, sol, ada, luna, avax, doge, dot

Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

April 21, 2022
ripple claims ‘a very big win’ in sec case

Ripple claims ‘a very big win’ in SEC case

April 19, 2022

South African Reserve Bank (SARB), the country’s central bank has announced its plans to introduce a new regulatory framework to stop cryptocurrencies from being used to evade currency controls imposed in the country. SARB deputy governor Kuben Naidoo has stated that new regulations are expected to be out and implemented in Q1 of 2020.

Such rules will enable the central bank to tighten the control digital money flow and add restrictions on how much local currency (rand) can be transferred outside South Africa.

At the moment, residents of South Africa are limited to a total of 11 million rands, approximately $750,500, to be wired across the border, with only – 1 million rand, approximately $68,000, can be sent without declaration and additional approval from South African Revenue Service. Those factors make cryptocurrencies a very popular way of sending money abroad amongst many.

The news that SARB is going to introduce rules to control cryptocurrency transfers has been met with deep concerns by the South African crypto and blockchain industry. The country’s largest blockchain community, SA Crypto, said in a statement that  SARB plans to introduce additional restrictions is “far-reaching and alarming,”. The community had previously addressed the central bank, stating concerns that such conservative regulations would not only put in danger innovation in South Africa but also limit foreign investment into the country.

Recently South Africa’s First National Bank has too adopted a negative stance towards crypto. The bank will stop serving several cryptocurrency exchanges, including Luno Africa, ICE3X, and VAL.

Luno Africa general manager Marius Reitz confirmed account closure when speaking to local media company MyBroadband:

“We can confirm that FNB has decided to close our account with effect from end March 2020, along with other crypto exchanges in South Africa. We do not anticipate any impact to our existing customers as we have other banking relationships in place to support deposit and withdrawals on the platform.”

One of the leading cryptocurrency exchanges in the country, AltCoinTrader, shared its disappointed with FNB’s decision too. AltCoinTrader chief executive Richard de Sousa said:

“We are disappointed that a financial institution would succumb to international pressure like this, with banking services being denied to individuals and industry players around the globe,”

Image source: Pixabay

Credit: Source link

Share76Tweet48
Previous Post

A Plan to Decentralize Bitcoin Mining Again Is Gaining Ground

Next Post

Bullish Bitcoin Chart Pattern Still Intact Despite 7% Price Drop

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

price analysis 4/20: btc, eth, bnb, xrp, sol, ada, luna, avax, doge, dot
Alt Coin

Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

April 21, 2022
ripple claims ‘a very big win’ in sec case
Ripple

Ripple claims ‘a very big win’ in SEC case

April 19, 2022
ripple’s case: how will it affect xrp’s 2022 price?
Ripple

Ripple case: How will it affect XRP 2022 price?

April 17, 2022
price analysis 4/11: btc, eth, bnb, sol, xrp, ada, luna, avax, dot, doge
Bitcoin

Price analysis 4/11: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

April 11, 2022
price analysis 4/6: btc, eth, bnb, sol, xrp, ada, luna, avax, dot, doge
Bitcoin

Price analysis 4/6: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

April 7, 2022
price analysis 4/4: btc, eth, bnb, sol, xrp, ada, luna, avax, dot, doge
Bitcoin

Price analysis 4/4: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

April 4, 2022
Load More
Next Post
Bullish Bitcoin Chart Pattern Still Intact Despite 7% Price Drop

Bullish Bitcoin Chart Pattern Still Intact Despite 7% Price Drop

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,045.000.87%
  • ethereumEthereum(ETH)$1,646.310.95%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$331.671.72%
  • rippleXRP(XRP)$0.3984650.09%
  • cardanoCardano(ADA)$0.391011-0.10%
  • dogecoinDogecoin(DOGE)$0.091746-0.34%
  • matic-networkPolygon(MATIC)$1.244.25%
  • okbOKB(OKB)$44.490.22%
  • solanaSolana(SOL)$23.380.56%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.65%
  • polkadotPolkadot(DOT)$6.720.35%
  • litecoinLitecoin(LTC)$99.573.78%
  • tronTRON(TRX)$0.0644291.51%
  • daiDai(DAI)$1.000.06%
  • cosmosCosmos Hub(ATOM)$14.723.04%
  • chainlinkChainlink(LINK)$7.051.36%
  • ethereum-classicEthereum Classic(ETC)$22.650.02%
  • leo-tokenLEO Token(LEO)$3.38-6.62%
  • moneroMonero(XMR)$167.631.20%
  • bitcoin-cashBitcoin Cash(BCH)$133.590.93%
  • stellarStellar(XLM)$0.0908960.58%
  • crypto-com-chainCronos(CRO)$0.0807700.07%
  • filecoinFilecoin(FIL)$5.362.37%
  • algorandAlgorand(ALGO)$0.2725325.64%
  • vechainVeChain(VET)$0.0246053.34%
  • internet-computerInternet Computer(ICP)$5.693.08%
  • aaveAave(AAVE)$87.201.60%
  • eosEOS(EOS)$1.090.92%
  • elrond-erd-2MultiversX(EGLD)$46.063.79%
  • theta-tokenTheta Network(THETA)$1.155.33%
  • tezosTezos(XTZ)$1.170.38%
  • paxos-standardPax Dollar(USDP)$1.000.41%
  • havvenSynthetix Network(SNX)$2.9316.05%
  • huobi-tokenHuobi(HT)$5.50-1.60%
  • bitcoin-cash-svBitcoin SV(BSV)$43.25-1.14%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.531.84%
  • dashDash(DASH)$63.652.93%
  • iotaIOTA(MIOTA)$0.2445420.05%
  • makerMaker(MKR)$728.276.00%
  • neoNEO(NEO)$8.922.25%
  • zcashZcash(ZEC)$46.185.67%
  • zilliqaZilliqa(ZIL)$0.0297064.31%
  • basic-attention-tokenBasic Attention(BAT)$0.281606-1.45%
  • compound-governance-tokenCompound(COMP)$55.656.07%
  • nemNEM(XEM)$0.0416571.58%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$36.291.20%
  • bitcoin-goldBitcoin Gold(BTG)$17.18-0.13%
  • qtumQtum(QTUM)$2.870.74%
  • sushiSushi(SUSHI)$1.473.11%
  • wavesWaves(WAVES)$2.775.06%
  • yearn-financeyearn.finance(YFI)$7,758.012.45%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.252108-2.34%
  • omisegoOMG Network(OMG)$1.67-4.33%
  • ontologyOntology(ONT)$0.232977-0.23%
  • digibyteDigiByte(DGB)$0.0113237.71%
  • umaUMA(UMA)$2.153.72%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%