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https://www.citizen.co.za/business/this-is-why-you-cannot-buy-crypto-with-your-credit-card/
Submission: On January 10 via api from ZA — Scanned from DE
Submission: On January 10 via api from ZA — Scanned from DE
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SIGN IN SUBSCRIBE * PREMIUM! * SIGN IN * SUBSCRIBE * * News South AfricaAfricaWorldOpinionLottoWildlife Videos * Witness * Business Personal Finance * Sport SoccerCricketHorsesRugby * Phakaaathi Local SoccerMgosiWorld SoccerBet on soccer * Lifestyle Food And DrinkHealthFashion And Beauty * Entertainment Celebs And ViralTV * Travel * Motoring * Local News Middelburg observer * Multimedia * More Best BetsCompetitionsAboutOur teamAdvertise with usJobs at The CitizenContact us * * * News * Business * Sport * Phakaaathi * Lifestyle * Entertainment * Travel * Multimedia * Horses * Business business news By Ina Opperman Business Journalist -------------------------------------------------------------------------------- 2 minute read -------------------------------------------------------------------------------- 23 Jun 2021 -------------------------------------------------------------------------------- 3:46 pm THIS IS WHY YOU CANNOT BUY CRYPTO WITH YOUR CREDIT CARD Ina Opperman SOUTH AFRICAN INVESTORS ARE WONDERING WHY THEY CANNOT BUY CRYPTO FROM FOREIGN EXCHANGES WITH THEIR CREDIT CARDS. Picture: iStock -------------------------------------------------------------------------------- Exchange control regulations bar investors from using their credit or debit cards to buy crypto currencies from a foreign crypto currency exchange, but they are allowed to use these cards to buy crypto currencies from a South African exchange. According to regulation 10(1)(c) of the Exchange Control Regulations, nobody can enter into any transaction where capital or any right to capital is directly or indirectly exported from the country, unless they have permission from the Treasury and in line with Treasury conditions. The Currency and Exchanges Manual for Authorised Dealers (CEMAD), grants exemptions to the exchange control regulations for transactions that are allowed, without requiring specific authority from the Treasury and consequently, by delegation, the financial surveillance department of the South African Reserve Bank (Sarb). ALSO READ: As MTI Bitcoin dominoes start to fall Finalmente Global placed liquidation USING DEBIT OR CREDIT CARDS FOR FOREIGN TRAVEL According to section B.16(A) of CEMAD, all credit and debit cards including co-branded cards issued by authorised dealers, as licensed by American Express, Diners Club, MasterCard or Visa can be used outside the country subject to the provisions of subsections D and E and provided that all outward transactions are reported in terms of the reporting system. Section B.16(D)(i) of CEMAD gives South African residents the right to use up to 100% of their authorised discretionary allowance or the remaining balance when travelling overseas. READ MORE Eskom crisis is just beginning: Here's why USING DEBIT OR CREDIT CARDS FOR BUYING ONLINE Section B.16(E)(i) of CEMAD states gives South African residents or entities the right to make permissible foreign currency payments for small transactions such as paying for goods online using your credit or debit card. However, according to Sarb, buying crypto assets from a foreign crypto asset exchange is not regarded as a payment for imports. BUY LOCAL In terms of current exchange control policy, South African residents are not precluded from buying crypto assets from local crypto asset exchanges with their credit and/or debit cards in South African Rands because these transactions do not fall within the ambit of the Exchange Control Regulations. ALSO READ: Sars wants customer info from SA’s top crypto exchanges READ MORE ON THESE TOPICS * business news * Editor’s Choice FOR MORE NEWS YOUR WAY Download The Citizen App for IOS and Android RELATED ARTICLES NEWS Eskom crisis is just beginning: Here's why 1 day ago 1 day ago PREMIUM! 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SOUTH AFRICA Murder attempts on André de Ruyter, UFH vice-chancellor proves SA is 'a criminal state' 1 day ago 1 day ago NEWS 'Cyanide poisoning': Eskom CEO André De Ruyter opens attempted murder case 3 days ago 3 days ago COURTS 'Urgency of matter is self-created' - Zuma files answering affidavit opposing Ramaphosa's application 4 days ago 4 days ago ACCESS PREMIUM NEWS AND STORIES Access to the top content, vouchers and other member only benefits SUBSCRIBE * About us * Code of Conduct * Contact us * Jobs at The Citizen * Advertising Rate Card * NEWS * BUSINESS * SPORT * PHAKAAATHI * LIFESTYLE * TRAVEL * MULTIMEDIA * MOTORING * HORSES * About us * Code of Conduct * Contact us * Jobs at The Citizen * Advertising Rate Card -------------------------------------------------------------------------------- 2023 The Citizen. All Rights Reserved. 1