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Tax Implications of Digital Currencies

TAX Specialist
Tax Consultant, Senior Lecturer in
Taxation at UJ and Lecturer on the
Gauteng Board Course

What are cryptocurrencies? According to the South African Reserve Bank (SARB): Cryptocurrencies (that is, decentralised convertible virtual currencies) are a sub-set of virtual currency. Bitcoin, Litecoin and Ripple are examples of cryptocurrencies. Legal tender are notes and coins issued by a bank. Although not legal tender, cryptocurrencies are exchangeable for legal tender and may be used to purchase real world goods and services