Cryptocurrency Archives - AfricaBusiness.com

18Oct

By Africa BusinessNo Comments

Fintech

Blockchain’s crypto-tainted history is holding us back from accessing secure data storage

By Simon Bain, CEO at OmniIndex Web3 and Data Security expert Simon Bain discusses blockchain’s bad rep, it’s potential outside of cryptocurrency and how it could revolutionise how we protect our vulnerable data In 1991, two scientists first introduced the concept of blockchain technology, seeking a way to time-stamp digital documents so that they couldn’t be tampered with or misdated. In short, a blockchain is a distributed ledger suited to the storing of files and data. It combines a number of different technologies including enhanced encryption and AI and as a result offers many security and privacy advantages over traditional cloud storage solutions. Many people will associate blockchain with cryptocurrency, because perhaps its most famous use in recent years is to store and manage ...

How To Pay with Crypto Using a Cryptocurrency Exchange?

5Oct

By Africa BusinessNo Comments

Fintech

How To Pay with Crypto Using a Cryptocurrency Exchange?

By Kirik.pro Cryptocurrencies are digital money with the same application scope as conventional currencies, with the addition of a few interesting use cases such as in-game tokens, metaverse crypto, DeFi crypto, NFT marketplaces, etc. Trading and investing are the most common ways to use digital coins. Besides, the application of cryptocurrencies in the real world is also increasing. Here is what you can buy with crypto in the real world: luxury items such as yachts; real estate - apartments, houses, etc.; book accommodation in hotels; pay for travel tours; fill the car and pay with crypto; even order pizza or coffee. The number of businesses accepting settlements in crypto is expanding. Let’s see how it actually works when you need to pay for service with crypto....

Crypto assets: Are you prepared for the taxman?

1Sep

By Africa BusinessNo Comments

Fintech, South Africa News

Crypto assets: Are you prepared for the taxman?

South African taxpayers must realize that the time to regularise their cryptocurrency assets with the South African Revenue Service (SARS) has come, says Diane Seccombe, National Head of Taxation at Mazars. “While tax compliance in the crypto space has been a murky area until now, SARS and the South African Reserve Bank (SARB) have followed other international jurisdictions in developing stringent regulatory frameworks for this burgeoning segment of the market, with much focus on transparency,” Seccombe says. Now, there is no longer any doubt that taxpayers are required to disclose their crypto assets – including purchases, current holdings, and disposals – as part of their statements of assets and liabilities. From a tax perspective, cryptocurrencies are not regarded as currencies, but...

31Jan

By Shahina ParvinNo Comments

Fintech, Ghana News

Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries

According to the latest Cryptocurrency Adoption Index, conducted by Finder.com, Ghana stands 9th among 26 other countries in terms of adopting cryptocurrency! The study was conducted among 27 countries, which says that Vietnam has the largest percentage of adults owning cryptocurrency - 29%. In the same list stands Ghana, with a percentage of 17% of adults owning cryptocurrency. Ghana has stood just behind countries like Australia, Indonesia, Nigeria, Malaysia, Russia, etc.; but leads in front of countries like Hong Kong, Singapore, Brazil, Norway, Canada, United States of America, New Zealand, Germany, United Kingdom, Japan, etc! Before digging a bit deeper, we should try to know about cryptocurrency in a bit more detail. A cryptocurrency, or simply crypto is a digital currency, tailored...

14Apr

By Africa BusinessNo Comments

Fintech

Coinbase IPO: Bitcoin investors must expect more government scrutiny of crypto

Bitcoin investors should be braced for – but not put off by – “much greater government scrutiny,” warns the boss of one of the world’s largest independent financial advisory and fintech organizations. The warning from Nigel Green, CEO and founder of deVere Group, comes on the day Coinbase, the biggest cryptocurrency platform in the U.S., prepares for its public debut. It launches its initial public offering (IPO) on the Nasdaq under the symbol COIN starting on Wednesday. On Tuesday on the deVere Crypto app, Bitcoin, the world’s largest cryptocurrency by market capitalization, hit all-time highs of $64,000. Mr Green says: “Coinbase’s direct listing is a truly momentous day for the cryptoverse. “Should it hit its private market valuation of $100 billion, it would immediately become one of th...

7Apr

By Prenisha GovenderNo Comments

Fintech, South Africa News

South Africa: The South African revenue service joins the global rise of crypto-wars

By Prenisha Govender, Associate and Keketso Kgomosotho, Candidate Attorney, Tax Practice, Baker McKenzie Johannesburg. The growing popularity of cryptocurrencies worldwide, which is increasingly leading to its stronger footing in international business, has awakened tax authorities everywhere to a possible new revenue stream from unreported gains. Over recent years, we've seen a marked increase in crackdowns on cryptocurrency traders - all the way from the Internal Revenue Service (IRS) in the United States (US) to Her Majesty's Revenue & Customs (HMRC) in the United Kingdom (UK), and now the South African Revenue Service (SARS). It was only a matter of time until SARS joined the party, given that in terms of both market value and volume, South Africa is reported to be one of the top t...