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South African Reserve Bank Tightens its Claws on Cryptocurrency

Posted on December 3, 2019December 3, 2019 by Rehan Yousaf

South African Reserve Bank (Sarb) is planning on presenting new rules to curb illegal use of cryptocurrencies in activities such as money laundering. The cryptocurrency news came after Kuben Naidoo, Deputy Governor of Sarb, mentioned the plans while talking to reporters. The new rules, which have been under consideration for five years, are expected to be implemented by the first quarter of the coming year (2020). Currently, South Africans are limited to sending 11 million…

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

Posted on November 21, 2019December 3, 2019 by Rehan Yousaf

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

Hacker Group Demands Ransom of 4 Bitcoin from Johannesburg Municipality

Posted on October 27, 2019December 19, 2019 by Ravi Rd

A group named “Shadow Kill Hackers” has targeted the largest city of South Africa, Johannesburg, and demanded a ransom of four Bitcoin(BTC)trade or they will publish the stolen city data on the internet. According to a message displayed on the computer of the city’s employees, the deadline to pay the ransom is October 28, 5 pm, local time. As per the message, the hackers have found several backdoors or vulnerabilities through which they have gained…

A Cryptocurrency Scam in South Africa Robs $130,000 Every Day from Bitcoin Investors

Posted on June 18, 2019December 3, 2019 by Rehan Yousaf

With a promise of 100 percent return in fifteen days, the South African cryptocurrency investment scheme ‘Bitcoin Wallet’ is raking in hundreds of thousands of dollars on a daily basis. The scandal was brought into the spotlight after a report by the South African news media website, The Citizen. According to the report, Sphelele ‘Sgumza’ Mbatha has built a celebrity-like reputation for himself. Because of his bold claims about the astronomical return-on-investment, folks are lining…

White South African Communities Want Blockchain to Liberate them from the Government

Posted on June 11, 2019December 3, 2019 by Rehan Yousaf

In a report by Wired, Dawie Roodt, a ground-level economist and a member of the small community of Orania in South Africa, argues for blockchain technology to build “state-proof” communities that are decoupled from the country’s troubled economy. In his interview, Roodt expresses his distaste for the current political situation in his country. The dominating part in South Africa, the South African National Congress, has been roped into yet another corruption scandal as the country’s…

South African Police Apprehend Suspects behind Recent Bitcoin Kidnapping in Mpumalanga

Posted on January 21, 2019December 3, 2019 by Julie Williams

It is quite unfortunate that the decentralized economy brings with it a rather safe medium for criminals to perpetrate their vicious activities unscathed. Fortunately, police and other security agencies across the globe are rising up to the task, and thus making it difficult for hoodlums who inflict their venom through cryptocurrencies to get out clean. This was again confirmed in recent kidnapping cases in South Africa. The first incident, which occurred on May 20, 2018,…