RATE Group | Cryptocurrency Remains Popular In South Africa, But Scams and Questions Still Loom
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Cryptocurrency Remains Popular In South Africa, But Scams and Questions Still Loom

Cryptocurrency Remains Popular In South Africa, But Scams and Questions Still Loom

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Sales for an exclusively African cryptocurrency opened up in August to those with a South African bank account — seemingly capitalizing on virtual currency’s popularity in the nation. Despite growing interest, however, scams and fraud are still rife in the country. 


Cryptocurrencies like Bitcoin have seen a surge in popularity across South Africa as the nation grapples with growing political and economic uncertainty.

The nation has made international headlines as the ruling African National Congress (ANC) and President Cyril Ramaphosa discuss contentious land reform policies in a country facing high unemployment rates and liquidity crises.

As a result, more and more citizens are researching virtual currencies, and rising trade volume inside of the country has also been seen. Research from a pan-African investment bank in July revealed how 38 percent of South Africans “wish they had invested” in cryptocurrency.

Legal regulations in the nation have also been relatively…

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