South Africa's Action Against Existing Crypto Activities in the Country

South Africa's Action Against Existing Crypto Activities in the Country

By HowToVids | Crypto Blockchain News | 4 Dec 2019


Crypto Industry succeeds to gain the trust of people. But it's still struggling to get the trust of Governments. The main reason is that they are not still able to make their system compatible with laws and regulations. That is a big concern for the relevant authorities. For those reasons countries not only accepted it as currency but also taking action against them to stop. As the South African Government is doing now and obeying countries laws banks follow the same

According to First National Bank “We can confirm that FNB has decided to close our account with effect from end March 2020, along with other crypto exchanges in South Africa,” General Manager of Luno Africa said that “We do not anticipate any impact to our existing customers as we have other banking relationships in place to support deposit and withdrawals on the platform.”

According to Brics “An efficiently operating BRICS payment system is capable of stimulating settlements in national currencies and ensuring the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment.”


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