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47% of South Africans Hold Plans to Invest in Cryptocurrency

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The citizens of South Africa are slowly accepting the idea of investing and trading cryptocurrencies in spite of concerns over the decentralized digital financial assets all over the world.

The MyBroadband 2018 Cryptocurrency Survey which was finished last month, indicates that more South Africans who have never held cryptocurrencies are making plans to invest in cryptocurrencies by either purchasing them directly or by getting exposure to the industry through investments in correlated enterprises like cryptocurrency mining.

“Of the survey respondents who do not own or who have never owned cryptocurrency, almost 50% said they plan to invest in an aspect of cryptocurrency or crypto mining in 2018,” said the MyBroadband tech news and research site late last week.

Several other tech savvy South Africans who answered the survey relayed that they were planning to purchase tokens despite never having been invested in the area.

Global prices for bitcoin and etherium soared in 2017 before hitting rock bottom in early 2018 while prices have been unstable in the past few weeks. Prices of cryptocurrencies are prone to developments and regulatory issues around the digital assets all over the world.

About 25% of respondents to the MyBroadband survey have said that they “will invest in cryptocurrency” while an estimated “15% will invest in cryptocurrency and crypto mining.” A further 7% said they would invest in crypto mining

Cliffe Dekker Hofmeyer stated that the decision taken by the South African Revenue Authority (SARS) to tax cryptocurrencies was “anticipated” due to the “growing popularity of cryptocurrencies in South Africa and following the absence of legislation relating to the taxation and regulation” of virtual currencies.

Reports say cryptocurrency trading is on the upswing in South Africa, with some restaurants and businesses already taking receiving currencies for payments. Other African nations such as Zimbabwe have stayed away from acknowledging trade in bitcoin despite virtual currencies helping plug liquidity and foreign currency shortages for international transactions.

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