Tag: cryptocurrency

Small and innovative renewable energy projects battle to raise funds through formal channels. One possible solution is to reach out to communities with an interest in those projects to help fund them through crowdfunding initiatives.

The earth also looks pitch black at night to those in search of the world’s second largest continent – and half of the earth’s land mass, for that matter. But now imagine this: what if, some years down the line, Africa was orange? What if, by the year 2030, viewed from outer space, the continent was ablaze with little lights, symbols of prosperity and connectedness, everywhere?

Regulating cryptocurrencies is the next logical step as the asset class gains popularity and consumer protections become necessary.

There are some big things set for 2019. Customer expectations continue to evolve, new technologies are developed to push the envelope and all of that leads to continuous transformation of our business, our people, our processes and of course, the technology and infrastructure.

Treasury has proposed certain amendments to the Income Tax Act relating to the tax treatment of cryptocurrencies in the recently issued Draft Taxation Laws Amendment Bill (draft TLAB).

Throughout history, the world has been exposed to numerous economic bubbles. From Japan’s real estate and stock market bubble in 1990 to the dot-com bubble and US housing bubble, each one had dire consequences for the economy and detrimentally impacted millions of people. Whether Bitcoin is destined for a similar fate remains a rife debate among investors and cryptocurrency experts alike.

Boards and management teams are, or will soon be, compelled to consider the implications of the direct impact of cryptocurrencies on their businesses, and the potential indirect impact from several angles. In addition, there is considerable potential for new business models, which are starting to emerge in many areas.

On 6 April 2018, the South African Revenue Service (SARS) announced that it will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.

In South Africa, as with most other countries around the world, there is no guidance and regulation regarding cryptocurrencies such as Bitcoin. The Budget Review 2018 (Budget) proposes that the income tax and value-added tax (VAT) legislation be amended to deal with cryptocurrencies, which pose a risk to the South African tax system. Given the current Budget deficit, the imposition of taxes on cryptocurrencies would assist the South African Revenue Service (SARS) with increasing its revenue collection going forward.

Is digital money set to disrupt the banking industry? Natoshi Nakamoto – the creator of bitcoin – had a vision for the new age of commerce and that vision is being realised at a rapid pace as with all financial services, people all around the world desire financial platforms that are convenient, safe, reliable and trustworthy.