In South Africa, Bitcoin is Not a Currency but Financial Asset

In South Africa, Bitcoin is Not a Currency but Financial Asset, the South African Reserve Bank said. The country’s chief policymaker said that there are a lot of controversies regarding the cryptocurrency sector and that the market is full of several meaningful projects that can be compared to scamming pyramid schemes. South African National Treasury has already published in February 2022 that the country was moving to declare cryptocurrencies as financial products. The policymakers have also planned to enhance the monitoring and reporting of transactions to comply with exchange regulations in the country. This new initiative by South Africa should eventually impact the broader cryptocurrency market, quite positively, according to reports. For months, the market has been suffering due to various macroeconomic situations and to make matters worse, the crypto market is increasingly following the Source