South African Police are pursuing an alleged major cryptocurrency investment fraud, according to a police statement released yesterday, May 25. According to the statement, over 28,000 investors are said to have suffered losses exceeding 1 bln rand ($80.4 mln). The Hawks, an investigative unit of South Africa’s Directorate for Priority Crime Investigation (DPCI), have outlined the case, which they say involves “BitCaw Trading Company, commonly known as BTC Global”: “[Targeted members of the public are believed to have been] encouraged by BTC Global agents to invest with promises of 2% interest per day, 14% per week and ultimately 50% per …

The South African Reserve Bank, the central bank of the Republic, has chosen to call digital currencies “cyber-tokens” because they “don’t meet the requirements of money,” Bloomberg reported May 24. Francois Groepe, Reserve Bank Deputy Governor, explained the position of the bank: “We don’t use the term “cryptocurrency” because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value. We prefer to use the word ‘cyber-token’.” The Reserve Bank has established a fintech task force to review its stance toward private cryptocurrencies and …

The kidnappers of a 13-year-old boy in South Africa have demanded a ransom of 15 bitcoins (BTC) - around $120,000 - for his release, The Guardian reported Tuesday, May 22. Local police stated that on Sunday, May 20, three gang members pulled up in a car near to where the teenager, Kathlego Marite, was playing with two friends close to his home in the town of Witbank. Witnesses said the men dragged him into the vehicle, leaving their ransom note at the scene. The “non-negotiable” note reportedly threatens to kill the boy if the demands are not met, with the …

Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent. Lack of economic infrastructure paired with inadequate financial education has left a large portion of Africans without bank accounts or basic monetary means. However, in many countries the proliferation of smartphones has allowed access to alternative financial services which have become a dominant means of payment, especially among the high proportion of millennials. Bitcoin’s appeal is in large part due to its accessibility and inclusivity, …

Ethereum cofounder Joseph Lubin has said he considers the value of any given cryptocoin to be “90 percent speculative.” As part of an NBC article about how ‘Middle America’ is profiting from Bitcoin, Lubin made the comments in the context of Bitcoin Cash generating $11 mln more value for holders. "I would say 90 percent of the value of any "coin" is speculative,” he said. "It's the notion that the technology it represents is promising." Ethereum (ETH) is currently circling around $330 per coin, having rebounded 100 percent from last month to continue growth which for mainstream commentators almost defies …

How legal and useful is Bitcoin in Zimbabwe, the country which has been faced with a difficult economic situation for decades? The South African country has some issues with its currency that has almost brought it to its knees. It has found it extremely difficult to move ahead with the plan to revive the economy. Bitcoin is not illegal According to Simbarashe Machiridza, who is the compliance officer at Bitfinance, a Bitcoin exchange that serves users across Africa, Bitcoin use is legal in Zimbabwe but it is not a legal tender, that is “... Although it’s not against the law …

As Bitcoin awareness grows across the globe, the Cointelegraph Media Group launches its regional publications in a number of key countries. This week marks the launch of our South African and Slovenian publications with the UK and Italy to follow soon. South Africa CT as the leading cryptocurrency media publication is firmly establishing itself on the African continent. “Cointelegraph South Africa wants to be first in, bringing the latest developments to the world as this still largely unknown Bitcoin/ Blockchain technology starts to become more mainstream,” says Jaques Coetsee, co-founder of Bitmagnet and head of CT South Africa. He added: …