Bitcoin South Africa

[Sjalq]

Hey guys,

We're kicking off the www.BitCoin.co.za for South African BTC users.

SA has some challenges in getting BTC up and running, specifically currency controls. But we hope to raise a community that can help us overcome these challenges.

Anyone from anywhere else is welcome to drop their 2 bitcents on how BTC can begin to be used in a new region. Or just Troll, there is no activity at the moment so even trolls are welcome

[ribuck]

I think the secret to success will be to develop and evolve the business very quickly. Faster than the authorities can decide that it is non-compliant.

[nereer]

I think the secret to success will be to develop and evolve the business very quickly. Faster than the authorities can decide that it is non-compliant.

what about the danger of being retroactively charged with money laundering. is it only the US that would do something like that?

[Sjalq]

No, a friend of mine was imprisoned for 3 months for being charged with running a pyramid scheme while running a legal Forex brokerage here.

[nereer]

No, a friend of mine was imprisoned for 3 months for being charged with running a pyramid scheme while running a legal Forex brokerage here.

so it's a high risk project then?

[Sjalq]

LOL, I don't know, but the banking elite here need only whisper to the central bank and that seems to be grounds for arrest and months long detention.

There are alternative currencies here that operate in quite large economies above ground so I really don't know what the reaction will be.

[nereer]

Here is my advice:

Since this whole bitcoin thing is in a legal limbo at the moment, it would be silly to come straight out and call your company/project a bitcoin bank or anything to do with finance. Instead call yourselves software developers and call the bitcoin side of things 'trade in virtual assets'. You can call your mining etc. 'research'.

While this may not strictly be true, for the authorities to shut you down they will have to prove that you are trading money. Since bitcoin is not money (at least legalistically) then they will have to change some laws before they come after you. Better not to self-incriminate if you can avoid it