South Africa is currently experiencing a large increase in the volume of BTC trading
South Africa is increasing interest in trading of BTC and this is confirmed by the latest data from Coin Dance.
On the chart showing the weekly Local Bitcoins volume, we see an almost double increase over the last month and the second highest volume since December 2017, when we experienced the biggest boom and bull run in the cryptocurrencies markets.
As we informed you in our previous article, the Financial authority of South Africa has released a ‘Position paper on crypto assets’ in which it clarifies the country’s comprehensive approach to crypto assets.
The IFWG, as the resultant body of several South African financial sector regulatorss, expressed a favorable position on the current situation, stating: “Given the current use of crypto assets observed, crypto assets are not seen as posing a systemic risk as yet, and this risk is not probable of materializing in the near future. ” Read more here
One of the reasons why people buy and are interested in BTC may be the fact that the South African currency Rand is weakening and has lost 23% against the USD since the beginning of the year.