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Cryptocurrencies: An international and local perspective

Cryptocurrency, also known as ‘virtual currencies’ or ‘cryptographic money’ is a digital form of currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrencies operate completely independently of a central bank. They are essentially a decentralised digital cash system.

The European Central Bank defines cryptocurrency as:

“a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a flat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically” 

See a diagram indicating the process underlying cryptocurrencies here... Read More

Property Law: land claims on immovable property sold

It appears that most of the land claims relates to agricultural land, therefore it is very important to check with your seller whether there is a land claim pending against the property to be sold.

It is not illegal to sell land that has a claim on it, but this must be disclosed to the buyer by the seller.

In terms of the Restitution of Land Rights Act 22 of 1994, once a notice is published in the Government Gazette to confirm a claim meeting the administrative requirements has been received:

no person may in an improper manner obstruct the passage of the claim; no person may sell, exchange, donate, lease, sublease, rezone or develop the land in question without having given the Regional Land Claims Commissioner one month’s written notice of his or her intention to do so, and, where such notice was not given in respect of – any sale, exchange, donation, lease, subdivision or rezoning of land and the Court is satisfied that such sale, exchange, donation, lease, subdivision or rezoning was not done in good faith, the Court may set aside such sale, exchange, donation, lease, subdivision ore rezoning or grant any other order if deems fit; any development of land and the Court is satisfied that such development was not done in good faith, the court may grant any order if deems fit... Read More

The Subdivision of Agricultural Land Act: a review

The Subdivision of Agricultural Land Act No. 70 of 1970 (“the Act”) restricts the subdivision of agricultural land except with the permission of the minister. The Act was scheduled to have been repealed by the Subdivision of Agricultural Land Act Repeal Act. This Act has, however, never been put into operation.

The Act defines “agricultural land” to mean any land except:

land situated in the area of jurisdiction of a municipal council, city council, town council, village council, village management board, village management council, local board, health board or health committee, and land forming part of, in the province of the Cape of Good Hope, a local area established under section 6(1)(i) of the Divisional Councils Ordinance, 1952, and, in the province of Natal, a development area as defined in section 1 of the Development and Services Board Ordinance, 1941, and in the province of the Transvaal, an area in respect of which a local area committee has been established under section 21(1) of the Transvaal Board for the Development of Peri-Urban Areas Ordinance, 1943, but excluding any such land declared by the minister after consultation with the relevant executive committee and by notice in the Government Gazette to be agricultural land for the purposes of the Act; land which forms part of any area subdivided in terms of the Agricultural Holdings (Transvaal) Registration Act, or which is a township as defined in section 102(1) of the Deeds Registries Act, but excluding a private township as defined in section 1 of the Town Planning Ordinance, 1949, not situated in an area of jurisdiction or a development area referred to in paragraph 3.2.1; land of which the state is the owner or which is held in trust by the state or a minister for any person; land which the minister, after consultation with the relevant executive committee and by notice in the Gazette, excludes from the provisions of the Act... Read More
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