South Africa is in many ways a nation that the continent prides itself in. An economy that’s highly export based, with commodities like diamond, corn, and gold making it a very robust, promising market. In some high end commodities such as gold and diamond, the capacity for liquid cash transactions to suffice as a mode of payment for the different players in this sector is minimal, with high risk involved such as fraud and theft if cash transactions still remain a mainstay. Hence as a consequence, South Africa has more and more people keying into the idea of a cashless economy with concepts such as digital currency coming to the fore. As per a report in May 2020, South Africa is only behind Nigeria, in the number of cryptocurrency users in the continent. In this article we shall discuss how cryptocurrencies especially Dash; have fared in the country.
Authorities and laws for cryptocurrency in South Africa
The use of cryptocurrencies for forex trading and business transactions in South Africa is very popular, with most business enterprises that have welcomed the use of digital currencies using Bitcoin as a mode of payment and transaction. However, despite its widespread popularity, the cryptocurrency industry is largely unregulated by the governing financial institutions in the country. There has been however, deliberate efforts by the South African Reserve Bank (SARB), the National Treasury, the Financial Sector Conduct Authority (FSCA), and the Financial Intelligence Center (FIC) to provide a framework for regulation of digital currencies, which included setting up an intergovernmental Fintech Working Group during the 4th quarter of 2016.
This group has been charged with the responsibility of proposing laws that create a fair, economically viable, scam free climate for any and all financial operations involving crypto currencies, and in the nearest future, bills could be passed into law to make digital currencies operate in the open markets and in banking halls.
How Dash fares in South Africa
Prior to the second quarter of 2020, Dash and its concepts were rather unfamiliar to investors and marketers in South Africa, but its exploits and successes in South America were largely heard of in the country. It wasn’t until May 4 2020, when Dash announced its partnership with top South African based cryptocurrency payments and ATM company, AnkerPay; that DASH finally exploded onto the digital currency scene in South Africa.
“This is a big step for Dash, the partnership with AnkerPay provides Dash a ready-to-go scalable ecosystem to expand our presence in South Africa and soon after, the rest of sub Saharan Africa. AnkerPay is providing its users with the best possible Dash experience, using InstantSend to quickly complete purchases. Their solution makes it easy for merchants to accept Dash while reserving the option to receive fiat. Dash has thrived in complex markets where our technology and strategies help address payments and remittance issues.”
These were the remarks of Ryan Taylor, CEO of Dash Core Group, as he announced the partnership. AnkerPay users in South Africa can now purchase or sell Dash through their ATMs or wallets and spend it at outlets within the country. Dash could also be used to purchase goods and pay for utilities online, all these with the very low cost of transaction fees that Dash charges compared to other digital currencies such as bitcoin and ethereum, makes it the best suited cryptocurrency for the south African and sub-Saharan market. Also remittance issues are processed faster than bitcoin or any altcoin, making it best suited for the small and medium scale enterprises.
With this giant stride taken by Dash to break into the south African market, in the nearest future, more and more businesses would key into Dash via AnkerPay, and as their customers notice the ease of transactions recorded on the Dash platform, it will take little time until Dash becomes a mainstay in South Africa’s economy.
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