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Crypto Trends Coming to South Africa in 2022

by John Ocholi

South Africa is considered one of the most popular hubs for crypto trading so it’s one of the most affected by market trends. There are a few events that are expected to happen this year and most of them are great news for virtual assets around the world. Here are some of the most exciting crypto trends that South Africa will soon benefit from:

Expansion of crypto casino websites

Online casinos are websites for remote gambling and most of them accept crypto deposits as well as ante. All of them also offer bonuses for all kinds of currencies but some partner with specific payment methods so you can get extra rewards. Crypto casinos continue to thrive as among the most popular online entertainment which helps Bitcoin (BTC) trading prosper in recent years.

The growth of crypto trading in South Africa and the rise of Bitcoin casinos go hand-in-hand in developing a world that thrives on virtual assets. Crypto traders are given both an outlet and a source of income by staking their BTC for a chance to win more. Bitcoin casinos’ recent development shows that it can host slots, table games, as well as bookmakers so gamblers have an all-in-one betting platform.

Moneyweb reports close to the crypto regulatory framework

Moneyweb clarifies that South Africa does not regulate cryptocurrencies yet but it is close to developing a functional framework. This is largely thanks to the efforts of the Financial Sector Conduct Authority (FSCA) which has responded to crypto-related complaints.

Regulating cryptocurrency will stabilize virtual assets as a financial product, realizing Bitcoin’s original intention of being a peer-to-peer payment service. It will also enforce the FSCA to be further effective at protecting traders and holders in South Africa. Such developments will still take time but discussions for it will be active in online forums.fff

Increase in cryptocurrency philanthropy

Philanthropy is common among investors for the sake of a brighter future for everyone. Crypto traders partake in this practice so everyone benefits from Bitcoin’s continuous rise in value. Philanthropists are often challenged by maintenance for non-profit projects.

Blockchain technology’s autonomous algorithm is seen as a potential solution to sustainability. Bitcoin’s peer-to-peer payment can work on its own to support any kind of business so it’s cheaper and easier to use for accounting purposes. Ethereum’s smart contract, on the other hand, can do the same for almost all kinds of agreements. Thus, organizations can secure fundraising operations with full transparency with all partners.

The arrival of Ethereum 2.0

Ethereum 2.0 is nearing its compilation and the long-awaited migration is coming. It is still unclear when this will happen but 2022 is many experts’ bet given its current state and the high demand for a more sustainable mainnet. The new Ethereum 2.0 is going to introduce the proof-of-stake (PoS) system to the more popular market that was once dominated by proof-of-work (PoW).

Bitcoin adoption to more nations

Among the most popular topics of the previous year is BTC becoming a legal tender in the Republic of El Salvador. They were met with a few technical challenges such as the implementation of its government-mandated wallet and ATMs but all of them were fixed in a few weeks. Now, they are dedicated to establishing a Bitcoin City where mining is powered by the nation’s volcano. South Africa, along with other nations, are still reviewing regulations for crypto but following the South American country’s example is among the possibilities.

Bottom line

BTC adoption in South Africa and the rise of Bitcoin casinos are only two of the most exciting  prospects of 2022. Many of which involve BTC and ETH as well as what kind of developments are possible in their respective networks. They also include exploration of its use to open new opportunities for adoption. This year is going to be eventful for South African traders so look forward to more crypto news.

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