South Africa set to Launch fully-functional Bitcoin ATM
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South Africa set to Launch fully-functional Bitcoin ATM

South Africa is continuously making efforts to increase the popularity of cryptocurrencies. It is one of the places in the world where cryptocurrencies have gained ground. South Africa is set to launch the first fully functional bitcoin ATM in the nation.

Way back in 2014, the country had launched a similar ATM. But the ATM wasn’t fully operational and had to be shut down. The reason for the shutting the ATM down was the lack of interest during that time.

A remarkable point to be noted is that there has been tremendous growth of interest in the growth of digital currencies in between the years 2014 and 2018. This growth is evident with the increased presence of cryptocurrency exchanges in the country which have recorded high returns in the past in the very little time they have started their operations in the nation.

Another important point is that South Africa is not the only country in the continent to have launched a Bitcoin machine. Zimbabwe, Djibouti, and Kenya have had their ATMs installed and they are fully functional.

Cryptocurrency reports of South Africa show that over 300,000 users were involved in cryptocurrencies at the end of 2017 when cryptocurrencies majorly came into limelight. Past surveys have also shown that about 47% of South Africa’s population is willing to invest in Bitcoins and other cryptocurrencies.

The idea of launching a Bitcoin ATM, despite the past failure experienced, will open innovation and development in the crypto domain. Because of this, citizens will have one more way to easily own cryptocurrencies as investments, assets, or a tool for micro-payments.

Cryptocurrency Regulations in South Africa have been following a regulatory procedure. Since April 2018, South African Revenue Service (SARS), a regulatory body in South Africa, released a statement that cryptocurrency holders are subject to pay taxes on all gains derived out of cryptocurrencies.

SARS had declared in one of their statements that “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties”.

Despite the news surrounding virtual currencies causing drastic drops in cryptocurrency prices in the market, there seems to be a lot of people willing to invest in cryptocurrencies and thereby increasing the crypto buzz.

The news indicates a positive response as the more the people are willing to adopt cryptocurrencies, the more it will influence prices.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.