Bitcoin (BTC) represents very attractive asset for making investments. The first cryptocurrency is a good chance to earn a lot of money, not even looking at its high volatility. And Bitcoin doublers let investors increase their crypto funds twice. To know, whether Bitcoin doubler is legit in South Africa, we have to look through the situation with Bitcoin in the country.
Is Bitcoin Legit in South Africa?
South Africa has the second largest economy in Africa. It is considered, potentially, to be one of the most developed African countries in terms of their economy, infrastructure and investment strategies.
In South Africa Bitcoin has no legal status and a regulatory framework, this position is confirmed by the paper, in 2014 issued by South African Reserve Bank (SARB). This was reaffirmed by the SARB in its statement in 2017, where it confirmed that it does not recognize cryptocurrency as “currency” or “legal tender”. However, Bitcoin`s usage is not prohibited by the law.
South Africa passed new legislation which is aimed to regulate the financial sector in the country, what is called a “Twin Peaks Model.” This model provides for two new financial regulators in the country. Thereby, it is quite possible that the requirements to register with financial regulators will become more stringent.
Also, BTC is taxed in the country depending on the intention of its applying.
What is more, in South African city Randburg locates a Bitcoin-ATM, it is one of four cryptocurrency ATMs in the whole Africa.
Can I Legally Double my Bitcoins in South Africa?
Citizens of South Africa can legally buy, sell BTC and make other actions with the cryptocurrency. Thus, locating in South Africa, you can legally double your bitcoins using Bitcoin doublers. But you should work only with trusted websites, that do not offer impossible investment plans, like “Double your Bitcoins in 1 minute”.