South Africa experiencing a large increase in the volume of BTC trading

South Africa is increasingly interested in BTC transactions, which is confirmed by the latest data from Coin Dance.

On the graph showing weekly local Bitcoin trading volume, we saw almost double the trading volume last month since December 2017, when we saw the largest boom and bull market in the cryptocurrency market. 

South Africa Regulatory Body explains approach to Crypto assets

The South African Monetary Authority has issued a “Location Document on Encrypted Assets” that explains the country’s comprehensive approach to encrypted assets.

As an integrated body of several financial sector supervisory authorities in South Africa, the IFWG has expressed a positive position on the current situation and stated: “Given the observed use of crypto assets, crypto assets are currently not considered to be systemic risks. It is unlikely that this risk will arise in the near future.

One of the reasons why people buy BTC and are interested in BTC could be the weakness of the South African currency Rand, which has fallen 23% against the dollar since the beginning of the year.