South Africa's $3.6 billion bitcoin

However, South Africa's Financial Sector Action Authority (FSCA) said it could not even launch an official investigation. This is because cryptocurrency is not legally recognized as a financial product in South Africa.

There have been several cryptocurrency-related scams so far, but this seems to be the first time such a scam worth 4 trillion won. It is hoped that protection and supervision of Bitcoin property will be established while it has become a national legal currency.

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