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I am no crook but Black Market Dollars are easy to get hold of and the only currency I struggle with is the GBP and have to make bookings ahead of time. This is obviously not exactly legal and don't care anymore. I am a law abiding citizen up to a point. My thoughts are you sought yourself out as no one else will as the officials are the most crooked out the bunch anyway.
Tonight I am reading a report that my bank in South Africa is blocking transactions of customers trying to purchase crypto using debit and credit cards. According to the banks response this is in line with the Federal Reserve as the Financial Surveillance Department (had no clue it was a thing) is unable to approve these transactions. Seriously what an absolute joke as this just tells you how petrified Governments are of losing control.
I saw something similar a few days ago with Lloyds TSB in England also banning any type of crypto related transaction. I would say the banks no the end is nigh and are just trying to delay the inevitable.
Honestly if they think that is going to stop anyone wanting to invest into the crypto world then they must be dumber than what some people give them credit for. There are so many ways to get it done but it just takes a little longer to achieve if your amounts are bigger than the flag. The flag is the limit that alerts our friends in the tax office and it literally is pocket change to raise that flag being less than $800.
As a resident South Africa taxpayer, you are permitted to externalise funds of up to R11 million per calendar year – which includes a R1 million single discretionary allowance plus a R10 million foreign investment allowance – in direct offshore investments in foreign currency denominated assets.
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The R1 million is what is being questioned as the excuse is Binance is not compliant. Binance's response is more in line with my thinking saying it is all about the Forex as they are compliant for Africa. The R1 Million discretionary allowance is only around $80 000 and I am wondering how many people are buying crypto or are trying to for this to happen now.
I am no criminal yet I am no law abiding citizen these days either according to what I get up to in respect to the laws that are now in place. I have no intention of breaking laws, but what choice do we have as it is simply ridiculous. With a country rampant in corruption do you think the criminals are the ones transferring to foreign exchanges? Of course they aren't as they have networks to move money without alerting the authorities already in place.
The real reason is not crypto related but more likely the Government and the Reserve Bank are scared the purchases may increase using up their Forex fund. If anyone needs Forex we have to go to the bank with cap in hand filling out forms requesting permission. I am not talking about $100 but definitely asking for $1000 one would have to do this as I have been denied before. even though you are nowhere near your limit. For this reason I don't use a bank anymore as the black market has similar fees to a bank with the difference being no forms required. You sweat the first time as you have no clue what to expect as these people don't mess around.
The ironic thing is that in the future we won't need forex once we have crypto as it is a currency on it's own that can be used on an exchange debit card or another card that is available. I don't ever plan to be in that position ever again filling out forms begging for another currency. The less they know about me the better and suggest we all keep a low profile.