Bitcoin is helping South Africans kiss SARS goodbye

“Cryptocurrencies were created to allow anonymous, frictionless, and trusted peer-to-peer transactions over the Internet.”

Crypto can enable transparency or anonymity, not both.
 
lkpat said:
“Cryptocurrencies were created to allow anonymous, frictionless, and trusted peer-to-peer transactions over the Internet.”

Crypto can enable transparency or anonymity, not both.
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Crypto is very much not anonymous, it is pseudonymous. Anyone can track every transaction, and easily map thr flow of funds from wallet to wallet. The only tricky part is connecting a wallet address to an individual, although exchange (and some wallet) KYC is making this easier for authorities.
 
Bliksis said:
Surely the banks can see if you just paid R500k into your account from Luno, et al.
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This article assumes these people never cash to fiat, which I don't really buy. There's a limit to what I can reasonably buy with bitcoin in ZA - if I have large amounts of BTC I'm not really interested in buying a coffee; I want to buy a car or make mortgage payments etc. and barring some obscure players who might facilitate such transactions, it seems to me that most people want fiat at the end of the day anyway which means cashing out via an exchange that is SARS compliant.
 
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gregmcc said:
How about some stats. How many? 10?
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South Africa is loosing 500 high net worth individuals ($1m+) per year

They are going to places like Dubai which turns a blind eye to suitcases full of $100 bills.

I'm based in Tbilisi, Georgia. Here I encounter crypto investors from all over the world. Selling crypto for dollars is often discussed. It must happen a lot but obviously people don't want to get into specifics.

Panama is also a favourite destination of South African crypto investors.

If you open the Binance app and go to P2P trading and choose a currency, you will see how many people trade in a specific country and what their volumes are.
 
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nicroets said:
South Africa is loosing 500 high net worth individuals ($1m+) per year

They are going to places like Dubai which turns a blind eye to suitcases full of $100 bills.

I'm based in Tbilisi, Georgia. Here I encounter crypto investors from all over the world. Selling crypto for dollars is often discussed. It must happen a lot but obviously people don't want to get into specifics.

Panama is also a favourite destination of South African crypto investors.

If you open the Binance app and go to P2P trading and choose a currency, you will see how many people trade in a specific country and what their volumes are.
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Losing
 
talk about SARS targeting the wrong people, when they allow local politicians to run amok in Dubai buying crappy Mansions built with slave labour,
or new lambo's when yesterdays one ran out of fuel.

but sure lets run after Piet the farmer who wants to make sure his farm isnt seized because the ANC loves taking what they didnt build.
 
What's with all the "kissing" articles??

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I know very little about crypto, but those with more knowledge say that Bitcoin is not anonymous and can be tracked.
 
Speedster said:
Crypto is very much not anonymous, it is pseudonymous. Anyone can track every transaction, and easily map thr flow of funds from wallet to wallet. The only tricky part is connecting a wallet address to an individual, although exchange (and some wallet) KYC is making this easier for authorities.
Click to expand...
Anonymity and traceability aren't mutually exclusive. Pseudonymous is something else. Sure you can track some transactions to individuals but believe me even with court orders and exchanges cooperating it becomes damn near impossible at some point and then you get untraceable cryptos that can break the chain. Won't work as it just turns into a mess with all the missing information. Even the current financial system is good at dodging transactions why Sars doesn't even consider bank statements as proof.
 
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