The growth in the adoption of Bitcoin and other Cryptocurrencies in South Africa is evident in the fact that South Africa is currently ranked first in terms of bitcoin related searches on Google trend. Moreover, the country witness the installation of a Bitcoin ATM, the very first in the country.
The South African government had drafted a law to regulate Cryptocurrencies in the country.
Source
Based on the law drafted on Cryptocurrency by the South Africa Treasury on July 16th, Cryptocurrency taxpayers are only required to declare the losses and gains that they encountered in carrying Cryptocurrency transactions and the South African Cryptocurrency tax regulators will then look in to what is propose by the taxpayer and decide if it is capital or revenue in nature.
This law entails that those who trade Cryptocurrencies may not profit from valuing their unsold Cryptocurrencies using valuation methods provided.
Get more insights here;
https://news.bitcoin.com/law-firm-south-africas-draft-tax-law-could-affect-cryptocurrency-use/
I hope this sparks amendments in the current law.
Thank you for your time!
written by @akomoajong with love for Steem and support from @shortcut @bleepcoin @leeuw @jennimorillo @neoxian
My Affiliate Area
You want to have fun on this amazing blockchain? Join Steem monsters and get to play the game. Click here and login with steemconnect.
Join this steemit community with over 19,000 members to make friends and get upvotes: Join here
Register and trade your cryptocurrencies with Binance, the number one ranked Cryptocurrency exchange in the world: Visit Website
Woow
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello! I find your post valuable for the wafrica community! Thanks for the great post! We encourage and support quality contents and projects from the West African region.
Do you have a suggestion, concern or want to appear as a guest author on WAfrica, join our discord server and discuss with a member of our curation team.
Don't forget to join us every Sunday by 20:30GMT for our Sunday WAFRO party on our discord channel. Thank you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit