Battle Against Bitcoin in South Africa, With Evidence

So, I posted earlier about the recent Bitcoin regulations in South Africa, and I've got an update for you all. Now, only government-approved companies are allowed to hold Bitcoin. If you're caught holding any yourself, you could end up in jail. I guess since a lot of folks here aren't from South Africa, some assumed I was just making this up. Glad to see that some people are discussing this now, and I’ve got some proof to share. Check out these links: https://youtu.be/-adc1QFkzM8?si=a_SOHw5v1RvgwclQ https://youtu.be/bKKzwkaAnXY?si=VyUW4Wd1cEuYIKuQ It's pretty crazy but unfortunately, it's legit. Not following these new Bitcoin laws could land you with a 5-year prison sentence and a possible $60,000 fine. This feels like a whole new level of a war on Bitcoin. Let’s hope for a good outcome.

Regulations require residents to disclose their crypto holdings and, in some cases, force them to sell. Disclosing holdings doesn't mean you have to sell them, and the law doesn't only apply to crypto. It's strict, but not as described in this topic.

There is nothing new in seeing government taking a ban decision on Bitcoin, now this time around it is more of you coming through them to invest on your bitcoin before you can have the access or privilege to do anything within the network which is wrong and not part of the intention to while it was being created, we need to maintain our privacy and also secure our asset by ourselves and that is why we need Bitcoin for freedom, I'm only advise those that are investing within that country to ensure that they make use of a non-custodial wallet and they should only be a long time investors and not traders except the are using a decentralized platform for trading.

They likely want to take over the cryptocurrency exchange industry from global cryptocurrency exchanges, by forcing these companies to cooperate with the government in South Africa and register brand companies for legal operations in the nation. It's doable target for South Africa government as global cryptocurrency exchanges don't refuse any nations that can give the money from people there and cooperating with government for legal operation is not like a thing they will refuse. It's bad as forcing people to sell crypto to government is too harsh and too much. Citizens should be allowed to hold their cryptocurrencies and wait for any legal licensed exchanges in South Africa in the future for buying and selling cryptocurrencies they have again. This regulatory information shows that things are escalating very quickly in South Africa and government there seems to severely tighten and control this market in their nation as fastest as possible.

Of course when government begins to issue these kind of laws or criteria before cryptocurrency can be accommodated in the country it simply means they want to have more control over its flow. South Africa is one of the most visited country by tourist and I hope this rule doesn't apply to them. 5years in prison still sound ridiculous but it's not the first time I'm hearing such statements from the government.. people only need to be careful how they carry out their transactions for now while the issue subsides.. Same thing happened in my country some years ago. Major exchanges like binance were forced to comply to government terms in other for them to operate and when they refused it was a complete restriction of users from these exchanges. African governments are begining to look more into generating revenue from these exchanges.

It is obvious the south African nation is trying to do as China did in 2017. They just want control of the decentralized space because they fear their local currency would lose value. However, no matter the sanctions, it would only make Bitcoin holders more careful and more technical with their assets and learn to close their mouth because there's no saying who is going to be the rat. There would also be wider use of VPNs and more p2p platforms to bypass these new policies however, and that is a consistent truth until they decide to accept it accordingly.

The reason for South Africa taking this step is that they do not consider Bitcoin legal. They consider Bitcoin trading or investing illegal. But no matter how much they make a law with 5 years in prison or fines, no one will stop trading or investing in it. Rather, they will complete their investment or trading more carefully from now on. My question is why do they think Bitcoin is legal or not, it is an legal currency, do they not know how El Salvador has accepted Bitcoin. If people want to invest or trade their money in Bitcoin, then why should the government stop them. No matter how hard they warn, those who invest or trade know that it is not an illegal currency. So they will invest and trade without thinking about it

State-controlled companies will be able to hold Bitcoin, but not private individuals. This shows how much the government is afraid of losing control of the economy. And people can understand more clearly how much financial freedom Bitcoin can actually provide to an individual. Yes, even if it is illegal to hold Bitcoin as a citizen of a state, it will not stop holding Bitcoin. Because if someone holds Bitcoin, they can do so anonymously. However, if the South African government needs to worry so much about Bitcoin, they should be a little more flexible on Bitcoin.

I saw your your initial thread on this matter but it wasn't this detailed about how extreme the the South African authorities have gone in regulating Bitcoin in the country. Well this isn't the first time government is regulating exchanges and access points but making it illegal for people to hold privately will be very difficult for them to enforce. I will try to check official sources to know if this is just strict rules or official ban.

I fear that this is what is coming sooner or later in other countries too, the government could come up with such a decision at any time, for no serious reason other than wanting to control Bitcoin users and how they use their coin. This is why we have to take off our Bitcoin transactions from centralized exchanges and platforms asking for KYC because KYC is an attack on Bitcoin. What people that is using CEX might get later when this becomes hot is a tight scrutiny that will expose every coins that was withdrawn from centralized platforms. Based on what I read on Twitter concerning thisthis information, the government doesn't want citizens to have freedom of using any crypto the way they want and that's wrong. https://x.com/i/status/2047608811544813610

These are their new rules. They said it's to help secure and regulate cryptocurrency holdings and other assets, but this is beyond that. What they are actually trying to do is control; they want to control everyone's money.  You are to declare your assets, and if they are above the approved amount, you don't have any other choice than to be forced to sell them to the dealers that they trust the once's they actually control, they are not given citizens a choice about these things; they are forcefully telling them anything that has to do with their financial lives is supposed to be monitored and controlled. People living there are in prison for their finances; there won't be real self-custody in that country again.

This South African war against Bitcoin, Bitcoin will always scale through it, is a matter of time. The people of South Africa will think of what to do about these strict measures that their government has placed against Bitcoin holders in the country, whether to abide by them, or not. China has a strict order against Bitcoin, it didn't totally bring the use of Bitcoin to an end in that country. People find means to deal with it. South Africa citizen will think of suitable way to deal these strict measures their government have on Bitcoin holders in the country

That doesn't look good at all. How they'll know that someone owns an asset in crypto? are they going to force enter their house and will scrutinize and torture them until they admit that they own some? It's scary that the want to make a monopoly by the only ones who will own Bitcoin. I hope that the other members of the forum from SA will be careful, the punishment isn't joking.

Finally! The call for P2P transaction only is imminent, people don't take this serious because their government allows crypto holders to run free, I wonder if it will be the same when their government says no, here is what I am expecting about this, since US is supporting crypto full time and few others, many could tries will choose to follow the US, China and few others, right now its only Russia and this south Africa that's very harsh on crypto for now.

The way crypto is going any country making such regulations would end up on the loosing side, instead they should proceed with crypto laws and encouragement, yet they might know what their financial system and obligations and setup is.

I did a little bit of 'research' and Tor does not seem to be illegal in South Africa.  Do you use Bitcoin for daily spendings or even for ordering things every now and then or do you plan to hold it for a longer term?  If longer term is your choice, you do not have to comply nor do you have to run out of your country.  Flash Tails on a stick and use that as your main 'Bitcoin things' operating system.  Tails forgets every thing you do when you shut down your computer and the next time you boot it up it will be fresh again, as if you never even used it in the first place. Start a fresh Bitcoin identity that only runs through Tails.  Keep it that way until you decide what is best for you.  Do not tell people around you any thing, act as if you quit holding Bitcoin and being interested in it.  Otherwise you may raise suspicion.  As long as you keep your Bitcoin seed in a safe place where even if you are suspected of having Bitcoin there is almost no way they can ever find it, you are not going to have things to worry about. ----- You need to do more research on this subject, China is definitely not light on Cryptocurrencies at all.

People will think that disclosing their crypto to the government will be a better option here, but let’s take a look at what is currently reported happening in France where those that declear their asset were actually physically attacked, either through theft or even kidnapped and this was said to be a result of people data been leaked out to the attackers, we all know this is the hand work of the corrupt tax officials there. For me same thing is most likely to happen in South Africa too because some government officials greed is what will cause this. Personally I feel South Africans will be embracing the use of bitcoin in a decentralized manner and also this will seriously push must user to privacy usage because obviously not everyone can sell or declare their asset

The government is looking to buy from citizens and hold for the next bull run. A lot is going on in South Africa right now, the government acts like they're under attack, this new law on bitcoin sounds seriously strange, why the sudden shift on bitcoin holders risking 5 years in prison? The thing here is that in online local communities, the government would spy on the information shared there to boycott every way they're to get hold of citizens that holds btc. Every bitcoiner out there has to be careful, and as well follow risk free due measures, especially ones less known by the community, because the government would use privacy methods shared online to devise a way to track users who tend to escape the law using certain strategies. That is if they're ready to go or reach any length to see that bitcoiners who refuse to comply would be caught, and punished by the law.

It is sad what is happening in South Africa these days.  Not just with Bitcoin, but racism in general towards white people.  This Bitcoin action seems like more of the same to me.  I am thankful I was not born in South Africa and although it has been a lifelong dream to see the great white sharks flying through the air there, I think that one may be a dream never realized for me because of the color of my skin.

Disclosing Cryptocurrency holdings to authorities implies a lot of risks, definitely.  When has it ever been a great idea to make a centralized list of valuable things and names of their owner?  I do not think it has ever been nor do I think it will ever be.  Particularly when it feels like aggression against holders.