What are the Tax and Exchange Control Implications of Bitcoin?
by Robert Gad, Nicolette Smit, Megan McCormack and Jo-Paula Roman
Published: October, 2017
Submission: October, 2017
With virtual currencies such as Bitcoin becoming ever more popular and accessible, it is important that South African taxpayers carefully consider the tax and exchange control uncertainties that accompany the incorporation of these relatively new systems into businesses and/or investment portfolios. We highlight below some of the tax and exchange control consequences arising from transactions involving Bitcoin. We have not considered the tax and exchange control consequences of the mining of Bitcoin, as this will be considered in a separate article.
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