Transferring Money out of South Africa!!
Many people are resorting to Blockchain products when transferring large amounts of money abroad and have lost Millions!
FinSurv considers it to be an unlawful export of capital in contravention of regulation 10(1)(c) of the Exchange Control Regulations and a criminal offence. This has become a topical issue as the popularity of crypto assets has soared in the last twelve months. The authority for this position is questionable, and will depend on each person’s facts and circumstances.
WHAT IS BLOCKCHAIN?
Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the most popular cryptocurrency, the one for which blockchain technology was invented.
A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
IS BLOCKCHAIN REGULATED?
No, Blockchain products are not regulated by the reserve bank, the regulatory and compliance issues are some of the biggest risk factors of blockchain.
We urge you to seek professional advice when transferring money abroad. There are ways to transfer funds for high networth individuals that is safe and secure.
If you need to move money from South Africa contact WBForex at email@example.com, our team of experts are ready to assist and work on a solution for you – with dedicated account managers in the UK and SA.
Head Office UK: +44 (0) 207 018 8552
Trading desk in Hartley Wintney (UK) & Pretoria (SA)
WhatsApp: +44 (0) 790 893 3594