Why South Africans are starting to spend crypto, not just trade it

Cryptocurrencies are increasingly moving beyond being seen as an investment asset as users find more real-world uses in everyday contexts. It appears that crypto is becoming more like cash – with users prepared to use it as the point of sale. Crypto payments specialist MoneyBadger recently signed a deal with fintech Scan to Pay allowing crypto wallet users pay at more than 650 000 stores nationwide. In this episode of the TechCentral Show, MoneyBadger CEO Carel van Wyk and Luno country manager for South Africa Christo de Wit tell TechCentral’s Nathi Ndlovu about what the partnership means for crypto platforms, their users and the broader economy. Van Wyk and De Wit delve into: • The mindset shift that happens when users move from being crypto investors to day-to-day users of digital currencies; • How crypto payments allow for immediate settlement in rands and what that means for merchants and users; • How merchants benefit by supporting crypto payments at their stores; • Why a crypto investor might want to consider using it to make payments; • The tax implications that must be considered before investing in or using crypto for payments; • The role cryptocurrencies play in promoting financial inclusion; and • The role cryptocurrencies will play as the Reserve Bank modernises the National Payment System. Don’t miss an interesting discussion!