According to a survey conducted by Wearsocial and Hootsuite, South Africa is currently ranking as #1 in terms of population percentage that hold cryptocurrencies.
Naturally this is an ideal testimony to how relevant cryptocurrencies have become on the African continent, but the survey does indeed leave out some important details. One of the most important things to consider here is the percentage of the population and not the total amount. Meaning that even if South Africa is #1 with its 11% population, it may be less than another country’s 5%. Nevertheless, according to the rules of the survey, SA is still leading.
The global average was about 5%, which is still a great indicator judging by the fact that surveys aren’t always 100% accurate. Therefore it is quite realistic to consider that there are even more people who simply refused to disclose that they do indeed hold cryptocurrencies.
It is currently unknown whether or not the South African authorities were aware of the sheer volume of cryptos in SA, but they may still introduce new regulations. According to cryptocurrency regulated in South Africa explained here the coins were considered to be hobbyist assets, meaning that they held no formal value and could not be used as regular currencies. However, the SARB (South African Reserve Bank) has started to review the results of this new survey it seems as amendments to the regulatory framework are being promised.
A new type of Hack!
In addition to the news about South Africa becoming #1 in cryptos, it is also important to pay attention to the new type of hacking that the SA population has been attacked by. The worst thing about the new hack is that it doesn’t only target crypto holders, but unsuspecting people as well.
Basically, it is a hack that helps the culprit get access to the victim’s mobile device. Particularly, the computing power of mentioned mobile device, which he then uses to mine cryptocurrencies. As a result, it damages or renders the phone useless, as mining cryptocurrencies is a very taxing activity for such a small processor.
In order to avoid this, the local police department have issued some warnings, telling the population what to pay attention to on their phones. For example if it randomly heats up, or starts malfunctioning, then it is very likely that the phone has been “infected”.
Some software engineers have already stated that the best way to combat this is to download internet browser extensions that block external miners. Usually, when the hackers get access to the phone, they will need an internet connection to start mining cryptocurrencies, if the only source of internet is secured, then their pathway will be blocked. Unfortunately, preventive measures have not been discovered yet, but it is said that newer phones are less prone to attack than older ones.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.