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Cryptocurrency and South Africa’s Financial Future

Almost half of richer, digitally-savvy South Africans want to buy cryptocurrencies, according to new research from Business Insider. But are they a flash in the pan – or the future of finance?

Cryptocurrencies are a subset of digital currencies which the Bank for International Settlements describes simply as assets represented in digital form. PayPal and online banking services are typical examples of these currencies: the numbers you see in your account aren’t physical money, as such, but online representations of your money.