South Africa Financial News

National rugby captain Siya Kolisi will spearhead a two-year educational cryptocurrency advertising campaign in South Africa.

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The Prudential Authority of the Reserve Bank of South Africa sent out guidelines in effort to prevent illicit activities to its subsidiaries, which included encouragement not to cut off all ties with cryptocurrency. 

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

An innovation using the cellular network (GSM) could onboard millions of Bitcoin (BTC) users previously unreachable by the internet-dependent Bitcoin protocol. Built by South African developer Kgothatso Ngako, the new SMS-based service is named Machankura, a slang South African word for money.

Management consultancy Bain is considering a legal challenge to the UK government’s three-year ban on the firm preventing it from bidding for state contracts.

The Bank of Central African States, or Banque des États de l'Afrique, which serves Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo, could be closer to releasing a central bank digital currency reportedly at the urging of its board.

Reducing your initial debt of $820 million to just $0.013 over a month can’t be easy. And, it’s hardly surprising that such a heroic dash has led Celsius to bankruptcy. Last week, the crypto lending platform voluntarily filed petitions for Chapter 11 reorganization after closing off the last of its decentralized finance (DeFi) debts owed to Compound, Aave and Maker. 

Bitcoin (BTC) kept crypto traders, investors, and enthusiasts guessing as a July 15 relief rally registered a high of $21,140. Bitcoin continues to trade in the $20,000-22,000 range. The US CPI data that pegged its quarterly inflation at 9.1%, the highest in 40 years, seems to not have affected the markets as yet. BTC and other crypto assets are following the global stock indices which have been in the green in the second half of the week. On a weekly basis, however, BTC is down by 4.7% and by more than 50% compared to a year back. Celsius Network’s bankruptcy plea dampened the spirits at the start of the week though there have been some positive developments along the way. The story of the week could well be that South Africa is all set to regulate crypto as a financial asset. We discuss this and other stories of the week below. South Africa’s crypto cue for India

The United States Commodity Futures Trading Commission, or CFTC, has added 34 unregistered foreign entities to its Registration Deficient List, including at least six providing crypto-related services.

South Africa’s Reserve Bank is set to begin regulating cryptocurrencies as financial assets in the next 18 months, with exchanges expecting the move to drive adoption in the country.

The South African Reserve Bank is set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets to balance investor protection and innovation.

South Africa-based H20 Securities has reportedly raised $150 million from the GEM Digital investment firm through the sale of the H20N token.

US regulator charges South African company with record $1.7 billion bitcoin fraud

Riccardo Spagni, the former maintainer of the privacy coin Monero also known as Fluffypony, faces extradition to South Africa months after his arrest by U.S. authorities.

The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its “largest fraudulent scheme involving Bitcoin.”

The Bank of International Settlements (BIS) Innovation Hub released a report Tuesday looking at four projects that examined wholesale central bank digital currency (CBDC) transfers across borders. The projects demonstrated the technical feasibility of the transfers, the BIS found, but practical and policy issues remain outstanding. 

A young lion is beginning a new life at a wildlife sanctuary in Italy after being found abandoned as a cub in Russia — a reminder, according to the charity that helped save him, of the trade in wildlife.

GENEVA—The member countries of the World Trade Organization agreed Friday on a narrow measure aimed at boosting the supplies of Covid-19 vaccines in developing countries, wrapping up a bitter fight over corporate patent rights governing critical medical products during a pandemic.

blockchain. From a technology point of view, blockchain is a digitally distributed, decentralized ledger that helps track and verify transactions. Even though blockchain is well known for the technology behind cryptocurrencies such as Ethereum and Bitcoin, environmental researchers are now finding its use in solving the climate crisis, ranging from tracking the sustainability of products to monitoring pollution. In this article, we will explore how blockchain technology can help to combat the environmental crisis.

South African company helps hang local art in virtual world