In a written letter to parliament, Finance Minister Tito Mboweni explained the new regulatory group will dedicate resources toward a governmental response to cryptocurrencies and the technology’s surrounding economy.
The taxation laws amendment bill of 2018 included amendments that, Mboweni explained, would ensure that losses may only be offset against profits from crypto.
With Bitcoin being a new, relatively low volume asset class gaining steam, fundamentals play a seemingly exaggerated role with price action, and technical analysis is gradually becoming more reliable.
Interchange will be designed to provide services to over 100 cryptocurrency-focused clients, giving these customers access to tools that will allow support for a host of users including hedge funds, digital asset exchanges, and family offices.
Now, just six years later, his personal net-worth has presumably swelled to hundreds of millions, if not billions — on the back of the Bitcoin craze.
In a very accurate review, the CFA Institute says of Bitcoin “Whatever it is, it is not a legitimate investment.”
Speaking exclusively to CCN, Psaila commented that when operative, the Bank planned to bring back proper banking services to clients.