Authorities vow to tackle crypto crimes as 'vulnerable' South Africans lose billions to scams

Billions of rands that investors have lost to cryptocurrency scams like the Cajee brothers' Africrypt and Mirror Trading International (MTI) have the government worried about how vulnerable South Africans are as digital currencies take over the world.

But it's not just the individual investors that governments around the world are concerned for. Central banks are losing sleep over the elevated risk of undetected illicit financial flows, cryptocurrency price manipulation and tax evasion as virtual assets are still largely unregulated.

Making matters worse is that the system continues to flourish without intermediaries like banks and other financial institutions.