Bitcoin and other cryptocurrencies may soon be in the sights of the revenue services
Although usually behind the global curve, South Africa seems to be keeping pace with the current bitcoin trend. This is positive, as we are living in an increasingly digital world with it only having been a matter of time before currency too became digital.
The big question on everyone’s lips, however, is twofold: how will cryptocurrency be taxed by the South African Revenue Service (SARS) and what will the exchange control standpoint of the South African Reserve Bank (SARB) be?
SARB has been the first of the two bodies to comment. Its view is that cryptocurrency does not fall within the ambit of their regulatory compliance. The Position Paper on Virtual Currencies 2014 is the last position paper issued by SARB on this topic and it has maintained that cryptocurrencies are decentralised convertible virtual currencies (DCVCs), which are not regarded as legal tender.
This story is from the May 2018 edition of Skyways.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2018 edition of Skyways.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Fit For Purpose
Changing legislation offers a range of opportunities in the health sector
Good For Grinches
Finally! A holiday season Scrooge himself can invest in
A Paradise In The Wilderness
Visitors find freedom at Treedom on the Garden Route
Do It For The Kids
Parenting styles play an important role in helping children develop through the pandemic and beyond
Trekking With Teens
Travelling with adolescents comes with a unique set of challenges
Know Your Mind
Our brain uses shortcuts to think quickly but, sometimes, these mental timesavers let us down. Dr Pragya Agarwal discusses the science of cognitive biases, and why it’s more important than ever to understand how they hold sway over our views
Infected With The Travel Bug Again
As tourism-related establishments up their game to ensure visitor health and safety, it’s possible to feel positive about travelling again
Star attraction
Greater Kruger lodge makes a spectacular first impression
Palala position
The effect of the past on the present is positively felt in a luxury Waterberg lodge
Can the spam!
Irrelevant advertising will almost certainly turn consumers against your product
