Bitcoin will be considered ‘capital’ and any cross-border transactions will need Reserve Bank permission. You could even be detained at borders and forced to hand over ‘seed phrases’ in your head. From Moneyweb.
The regulations would effectively kill self-custody of bitcoin in SA, potentially criminalising those who want to opt out of the state-controlled financial system. Image: SeongJoon Cho/Bloomberg
Bitcoiners are outraged at proposed new exchange control regulations in South Africa that will criminalise anyone sending or receiving bitcoin (BTC) across border without permission. Continue reading.
The Writer's Room is a curated by Ciaran Ryan, who has written on South African affairs for Sunday Times, Mail & Guardian, Financial Mail, Finweek, Noseweek, The Daily Telegraph, Forbes, USA Today, Acts Online and Lewrockwell.com, among others. In between he manages a gold mining operation in Ghana, and previously worked in Congo. Most of his time is spent in the lovely city of Joburg.
