South Africa’s Altvest to raise $210 million for Bitcoin treasury reserve

The Johannesburg-based firm will rename itself Africa Bitcoin Corp. and hold the cryptocurrency on its balance sheet.

The Johannesburg-based firm will rename itself Africa Bitcoin Corp. and hold the cryptocurrency on its balance sheet.

The IMF dissuaded the country from a quick launch, asking it to instead to prioritize improving its existing payment infrastructure.

The country wants these firms to meet its preauthorization requirements before they are fully licensed.

This brings the total number of African countries on FATF’s grey list to 12, accounting for approximately 57% of all grey-listed countries.

The scammers employed young Namibians and trained them to target victims to invest in a non-existent crypto investment platform.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.

The Bank warns that individuals using virtual assets will take full responsibility for such transactions.

This comes a month after the country’s parliament passed the bill and forwarded for approval

Despite the new development, the Bank of Namibia still maintains that cryptocurrencies have no legal tender status in the country.