Crypto payments explosion in South Africa as Zapper is now supported as a payment system

Mon, 07 Oct 2024 12:19:23 -0300

gadgeteer@hub.netzgemeinde.eu

Crypto payments explosion in South Africa as Zapper is now supported as a payment system

Cryptocurrency exchanges Luno and VALR have recently expanded the platforms their payment systems support, increasing the number of South African merchants where users can pay with digital assets.

Luno said its customers can now transact using crypto at 31,000 merchants nationwide thanks to a partnership with Zapper.

Thanks to its integration with Zapper, Luno said its customer base can make payments to vendors such as FlySafair, fuel stations, and educational institutions.

This will certainly make it a lot easier for those with Bitcoin to use it for daily transactions in South Africa. I've bought groceries with mine at Pick 'n Pay last year, but it required a special wallet to be used. This looks a lot more versatile and mainstream.

But I've ditched most of my cryptocurrency as I have no clue how it gets managed when it comes to declaring capital gains to SARS. With my other investments it is fairly easy as the institution sends the reports at the end of the year. But how does one fathom this out from Bitcoin in, Bitcoin transferred, Bitcoin used, etc on a going basis? Bitcoin values vary daily, and this is not such an issue with static cash/credit.

So I'm rather waiting to see how it all pans out from a tax perspective.

See https://mybroadband.co.za/news/cryptocurrency/563843-crypto-payments-explosion-in-south-africa.html

#technology #southafrica #cryptocurrency

technology SouthAfrica cryptocurrency

Tue, 08 Oct 2024 06:01:23 -0300

NorVegan

norvegan@zotum.net

The biggest scam in life is paying taxes on money we make, paying taxes on money we spend, and taxes on things we own, that we already paid taxes on, with already taxed money. With that in mind, I don't care about the tax perspective, I just make sure to stick with cryptos that can't be tracked/identified. They can't tax what they don't know about.

“When you withhold money from the government, you're acting as you would when you lock your home at night to protect it against thieves. In either case, you're acting to preserve what is yours from those who would like to take it without your consent.”
— Harry Browne, How I Found Freedom in an Unfree World (1973)

Tue, 08 Oct 2024 08:21:29 -0300

Danie van der Merwe

gadgeteer@hub.netzgemeinde.eu

@NorVegan yes that is quite correct but unfortunately our tax net requires we must declare "any other income earned whether local or foreign". In most cases, for investments, the tax is owed on the capital gains of the profits only. So you are not taxed on just selling again at about the same price, and if you sell at a loss, you could offset this against any potential profits next year.

Crypto is also by its nature fully traceable, and AI does an even better job on that. So for me, lying about it is going to be a disaster if they catch up with me in two or three years and say I owe back taxes as well as penalties.

The complexity of reporting on capital gains is an absolute nightmare in this regard for individuals.

Which is why I rather spent what crypto I had. Our tax guys are highly automated and pretty on the ball, along with agreements with many other tax offices around the world. I'm seeing now even some credit cards T&C's mention not to be used for buying crypto.

I just don't want the illusion of freedom today, to bit me hard in three years time. I know that for now ite may appear outside of the tax net, but ledger history and our tax being liable for three prior years transactions, is not overly attractive to me.