South Africa proposes rules that could force residents to sell their Bitcoin to the government.
Under the draft "Capital Flow" regime, any holdings above a set limit must be offered to the Treasury within 30 days.
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That's crazy. How are they going to enforce this? I imagine there'll be a lot of boating accidents in South Africa soon.
I am sure they know not everyone will comply.
It's really a terrible move. How South Africa ranks around top 5 in Africa in Bitcoin adoption projects.