Abstract
Exploring the cybersecurity implications of the use of cryptocurrency in South Africa
Cryptocurrency, characterised by its burgeoning market and unregulated, private nature, has become a pivotal medium for cybercrime, due to the anonymity offered by cryptocurrencies. Specifically, on platforms where illicit behaviour is bred such as the Dark Web, a segment of the internet notorious for illicit activities and illegal trading. In a country grappling with poor socio-economic conditions, the appeal of cryptocurrency as a rapidly appreciating asset is substantial. However, the attractiveness also renders South Africans vulnerable to exploitation by cybercriminals through activities such as cyber fraud and cyber extortion. The enactment of the Cybercrimes Act 19 of 2020 in South Africa represents a legislative effort to address such threats, though its efficacy in combating these sophisticated cybercrimes remains to be seen. Additionally, there is a pressing need for enhanced cryptocurrency regulations, as there are only select regulatory measures that address the anonymity and cross-border nature of cryptocurrency transactions. The discussion explores the cybersecurity implications of cryptocurrency for South Africa, examining the intersection of socio-economic vulnerabilities, legislative frameworks, and the evolving landscape of cybercrime in relation to this particular digital asset.