All Bitcoin transfers out of South Africa is a crime, even from your own wallet - Reserve Bank

Swa

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Meanwhile Zuma can ignore a court order and sentence. His supporters can disobey Covid regulations and nothing will be done. But the guy who just wants to make a quick buck can go to jail for decades.
 

Crypto0815

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Jul 3, 2021
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Purchasing Crypto via P2P from RSA credited dealers or suppliers looks like that
Etherum BY SELL LOSS
R5882 R3489 R2393
R44769 R26586 R18183
Bitcoin R581423 R508585 R72838
R657513 R455026 R202487
This is not dealing this is stealing
 

hj007

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Purchasing Crypto via P2P from RSA credited dealers or suppliers looks like that
Etherum BY SELL LOSS
R5882 R3489 R2393
R44769 R26586 R18183
Bitcoin R581423 R508585 R72838
R657513 R455026 R202487
This is not dealing this is stealing
It's a liquidity issue. Anyone could offer inside those ranges and provide the trades if they wanted. It's more a question as to why people don't want to trade peer-to-peer though?
 

Crypto0815

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Jul 3, 2021
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Purchasing Crypro in RSA is allowed only to buy it with Credit Card is not allowed. It would be too cheap for you.
To send money via Crypto to other countries is illegal. To buy crypto in RSA and send it back to RSA is legal but the in RSA legal crypto dealers taking half of your money and than SARS is after you to take from what is left.
Except the 2 Indians who moved R56bn they highlighted the escape whole for money.
The numbers for the previous P2P trading report are taken from a trading platform
 

hj007

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This is CC payments, which SARB has prohibited a while ago. The current restrictions seem to be on "normal" forex payments.
Would you have the same restrictions to use your CC card to buy websites off a brokerage like Flippa/Empire flippers etc? If they've blocked listed equity purchases, would websites, that are effectively private equity, be disallowed too?
 

John Tempus

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To buy crypto in RSA and send it back to RSA is legal

LMAO, I don't think you even know what you just wrote.

You cannot send crypto from SA back to SA, how many times do I have to make this point clear in this thread.

Crypto does not exist in any one jurisdiction ever. That is the entire point of decentralization.

I cannot fathom how so many people get this wrong and is involved in the crypto space. Comments like this makes it clear that too many people get involved in crypto having no clue how it actually function and then get their as.s handed to them when the market dies.
 

hj007

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If Luno and VALR start losing liquidity we should see them dropping from their positions of 30ish and 250-260th in the coming weeks.
Luno now in position 60, VALR still at 250 or so.

Any news on resolving the issue, or people just going via FDA?
 

Crypto0815

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Jul 3, 2021
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Easy: Any money at present out there in crypto exchanges won't come back to RSA for investment it will land in an other country where friends or family live. We don't need investment in RSA right!!
 

Zameside

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Sep 29, 2008
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Easy: Any money at present out there in crypto exchanges won't come back to RSA for investment it will land in an other country where friends or family live. We don't need investment in RSA right!!
As with the gamblers you don't want to bring it back into your own bank account........take a holiday or buy an island .....well a stake in one like the Cajee brothers.
 

hj007

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Easy: Any money at present out there in crypto exchanges won't come back to RSA for investment it will land in an other country where friends or family live. We don't need investment in RSA right!!
Is it clear yet as to whether switching between cryptos is a sale back to Fiat for tax purposes? Buying with btc is clear, it's taxable cgt etc, but btc swap to eth or eth to link or nfts? Do you pay tax on the value of the btc/eth as a sale or only when back to Fiat?

Interest earned from staking is tricky too, at what valuation of the crypto do you pay tax? Day it was earned, or average for the year? Only when you sell back to fiat?
 

JohnStarr

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May 21, 2018
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Purchasing Crypro in RSA is allowed only to buy it with Credit Card is not allowed. It would be too cheap for you.
To send money via Crypto to other countries is illegal. To buy crypto in RSA and send it back to RSA is legal but the in RSA legal crypto dealers taking half of your money and than SARS is after you to take from what is left.
Except the 2 Indians who moved R56bn they highlighted the escape whole for money.
The numbers for the previous P2P trading report are taken from a trading platform
Lol...dude what are you on? I just bought R200's worth of crypto on Altcointrader again this week using my Cheque card.
My brain is hurting reading the rest so giving up now.
 

Crypto0815

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Jul 3, 2021
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Lol...dude what are you on? I just bought R200's worth of crypto on Altcointrader again this week using my Cheque card.
My brain is hurting reading the rest so giving up now.
OK I stopped trading than R250k or joining Jacob for 5 years is not my game. What's in there stays in when the reserve bank changes his mind I may take it out. The EU is also taking crypto serious and they are setting up a system to avoid money laundering. At present if you keep your coins for a year you don't pay tax in Germany. My trading platform has cancelled all opportunities to trade with Credit card out of RSA and the volume for trading is also restricted to a daily maximum so it would be quite difficult to shuffle around R51Bn. My opinion is that 100 or 1000% jumps are history anyway and even Elon won't be able to manipulate the values in high percentages than the volume inside the trade platform will be too high.
 

JohnStarr

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OK I stopped trading than R250k or joining Jacob for 5 years is not my game. What's in there stays in when the reserve bank changes his mind I may take it out. The EU is also taking crypto serious and they are setting up a system to avoid money laundering. At present if you keep your coins for a year you don't pay tax in Germany. My trading platform has cancelled all opportunities to trade with Credit card out of RSA and the volume for trading is also restricted to a daily maximum so it would be quite difficult to shuffle around R51Bn. My opinion is that 100 or 1000% jumps are history anyway and even Elon won't be able to manipulate the values in high percentages than the volume inside the trade platform will be too high.
WHAT trading platform...
 

vuyobeleni

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Jul 22, 2021
Messages
1
I have two questions here:

What happens if you have already bought crypto abroad using your debit or credit card?

What happens if you have already sent crypto abroad without knowledge that it is illegal?

I believe a lot of people have already done the above.
 

Swa

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Joined
May 4, 2012
Messages
28,475
I have two questions here:

What happens if you have already bought crypto abroad using your debit or credit card?

What happens if you have already sent crypto abroad without knowledge that it is illegal?

I believe a lot of people have already done the above.
And that's the problem. Their previous stance was that it's allowed. This is a u-turn no matter how they want to spin it that it's never been legal.
 
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