South Africa is on its way to become a cryptocurrency trading “heaven” and acts as a center of digital assets on the oldest continent. The Merkle just reported that one of the well known asset management companies, Sygnia, is looking to launch a cryptocurrency exchange in the third quarter of 2018.
Africa has long been rumored to be the next golden place for cryptocurrencies. The idea stems from the fact that many countries on the continent are fighting with extreme poverty, corruption and unstable political systems. Bitcoin, for example, is viewed by many as a store of value, and not as a transaction currency. That perhaps holds true for the oldest continent, or at least, was a long-term view of the “people’s currency”.
However, there is a huge progress when it comes to accessibility to digital assets, and South Africa is leading the way to disrupting the “crypto taboo” very soon. Reportedly, the asset management company, Sygnia will have an impact on the cryptocurrency arena, especially after announcing it will launch its own cryptocurrency exchange called SygniaCoin. While the name may refer to a coin, Sygnia will not be launching its own digital currency, but a trading platform.
Sygnia is actually a fintech company based in South Africa. According to their website, the company focuses on innovation through technology and is very much pro-crypto-oriented.
South Africa is one of the places that do not have strict regulation on cryptos yet. While the regulations on digital assets are still quite murky around the world, “with demand comes supply”. So, if cryptocurrencies become mainstream in South Africa, regulation will be upon them. Nevertheless, the CEO of Sygnia expressed her positive views on cryptocurrencies regulation and the future of digital assets on the oldest continent.
For now, there are speculations that there will be more active initiatives in South Africa regarding cryptocurrencies and “boosting” their popularity and ease of access. Also, once in full force, cryptocurrencies may also get taxed at national level, so some regulation could be achieved in the very beginning. While nothing is sure yet, Sygnia is paving the way towards a cryptocurrency “hot wave” in South Africa.