One financial services giant from South Africa named Old Mutual recently released its annual 2018 Savings and Investment Monitor survey for the country.
Among the many statistics, there was one which many analysts found convincing and interesting. As the report indicates, 38% of the residents and citizens of Africa’s second-biggest economy wished that they put their money in cryptocurrencies when they were already aware of their existence
Even 71% of South Africans are confident that “you can make a lot of money with cryptocurrencies.” However, 43% also think that see them as pyramid schemes.
Only 4% of the South Africans said that they have a high level of knowledge about cryptocurrencies – and 60% told the source that they had no clue of their existence.
According to recent information from Google Trends, South Africa has the highest level of interest in the world for Bitcoin over the past 12 months – which is also why this survey was conducted.
Due to the popularity of cryptocurrencies in South Africa, the Revenue Service in April this year demanded that taxpayers must declare their gains or losses from cryptocurrencies as part of their taxable income.
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At the time, cryptocurrencies were seen as intangible assets and not currencies – mostly because of the fact that they don’t meet the requirements of money.
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