October 2017

With Bitcoin’s popularity and value growing significantly, many wonder how cryptocurrencies will be treated by the South African Revenue Service (SARS) and other regulators.

Bitcoin is one of hundreds of different cryptocurrencies in existence. Cryptocurrencies are unregulated, decentralised digital currencies which can be bought, sold and traded for fiat money or goods and services.

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When an engineering company sought to recover under a contractors bond (construction guarantee) for unpaid fees for engineering services rendered, a court held that a bond which provided protection for entities that have ‘performed labour or furnished materials in the prosecution of the work’ did not include the engineer’s professional engineering services which were not