The South African Central Bank restricts people from buying and selling cryptocurrencies through international exchanges

A few days ago, the South African Reserve Bank (SARB) issued guidance on its position on the purchase and transfer of cryptocurrencies. Although SARB is not responsible for the regulation of South African cryptocurrency transactions, it illustrates the consequences of using international exchanges to buy and sell cryptocurrencies. The only way for South Africans to purchase cryptocurrencies from abroad is to use a personal allowance of 1 million South African rand or a personal foreign investment limit of 10 million rand. In addition, SARB will not allow South African companies to use foreign direct investment quotas to invest in cryptocurrencies on international exchanges