Binance, an international cryptocurrency infrastructure provider has now added the South African Rand to their platform. By adding the \South African Rand (ZAR) gateway to their platform, it will allow South African residents to load their Binance wallets directly with South African Rand and convert them into various cryptocurrencies, including Bitcoin, Ether, Binance USD, Tether and Binance.
The move comes a week after the South African Reserve Bank (SARB) released guidance encouraging banks to facilitate cryptocurrency transactions for South Africans. Prior to this development, South Africans had to convert their currency to US dollars to load their wallets, which was an inconvenience.
Now that Binance has added the South African Rand to is portal, it opens up new opportunities to South Africans globally.
In 2018, South African banks had controversial relationships with cryptocurrency exchanges, and moved to close accounts of some exchanges due to the perceived risks of cryptocurrency dealing.
However, the South African Reserve Bank has historically not been hostile towards cryptocurrency. Recently, the bank gave guidance to banks to improve their risk management processes to cater for crypto-assets and crypto-asset service providers in preparation for forthcoming regulation for crypto-asset dealing in the country.
South Africa leads Africa in terms of cryptocurrency ownership, and cryptocurrency has found great popularity in the continent.
The development of a ZAR gateway on Binance’s platform will make it easier for South Africans to access cryptocurrencies and is positive for cryptocurrency adoption in the country. As the South African authorities get their regulatory frameworks in place, we should expect to see more moves like this.
US Dollar to South Africa Rand Exchange Rates for April 19th 2023
Foreign Exchange Rate for South Africa including US Dollar to South Africa Rand Exchange Rates
As of 19 April 2023 At 08h00 (CAT) The #ZAR opened at
R18.18 /USD $
R22.57 / GBP £
R19.94 / EUR €
R12.23 / AUD $
R11.27 / NZD $
READ: US Dollar to South Africa Rand Exchange Rates for April 19th 2023
How much is the dollar to rand in the black market today?
For those who are planning to gain more from their dollar exchange into rand, the black market may be the place to go. However, you need to be careful of fraudsters and scammers in this market of uncertainty.
At the time of this publication, Dollar to South African Rand in the black market was 1 USD to ZAR = 18.2707 (Convert Dollars to South African Rands)