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  - WN.COM - Africa - 12/Jul 15:51

High court rules that cryptocurrency is not money

On 15 May, the high court handed down a landmark judgment in the case of Standard Bank of South Africa vs South African Reserve Bank and Others. The judgment addressed the position of cryptocurrency assets in light of South Africa’s Exchange Control Regulations. Cryptocurrency was first introduced to the global market in 2009, with its most well-known form being bitcoin. In an October 2024 publication by the South African Revenue Service it was estimated that more than 5.8 million South Africans hold a crypto asset. As new technologies emerge, the government faces several challenges in determining how to integrate them into existing legislation. This article examines an application by...

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High court rules that cryptocurrency is not money

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