South Africa is becoming the unlikely beacon of hope for crypto mass adoption following a wave of developments in the country’s digital domain. This time around, Pundi X has teamed up with the popular DoshEX to launch the XPASS and XPOS in South Africa. The XPASS card will allow South Africans to start using their cryptocurrencies to buy goods and services by simply tapping it on an XPOS system. The hope is to provide a financial solution to millions of unbanked people in South Africa and around the world.
Hundreds of XPOS Systems to Be Deployed
In order for the XPASS to work, it needs to be tapped on an XPOS machine. So, to make the circle complete, Pundi X is going to deploy hundreds of its XPOS machines all around South Africa, giving South Africans the power to start using cryptocurrencies as part of their daily life. This huge move sparks the latest wave of mass adoption and will encourage millions of people who don’t trust the banking system to join the crypto revolution.
Watch Out HashCash
Back in January, HashCash launched its long-awaited crypto payments platform. HashCash processes payments in a matter of seconds and removes the potential for chargebacks – meaning business owners can relax in the comfort of knowing they won’t get scammed. Merchants will be able to accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and HashCash’s very own native token HCX initially, but it’s working on expanding the list as time goes on.
Laying Down the Tax Laws
One key component of crypto’s huge surge to popularity in South Africa is the government’s willingness to create tax laws. Back in August 2018, the South African government launched sweeping VAT laws for the crypto and blockchain industry that mean VAT is no longer payable on goods and services to be used – or are from – the blockchain world. This has helped South Africa become a hub for blockchain technology.
Great news for crypto loving South Africans, as they can now get their hands on an XPASS card and start utilizing those cryptocurrencies. A system like this would be very welcome in nations that are actively using Bitcoin as a main currency – namely Venezuela – but deploying it in a country that isn’t experiencing hyperinflation will help spread mass adoption in a healthy economy.