South Africa Banks ‘Reject’ Cyril’s Child Who’s Crypto-Exposed

Even when you are the son of the full head of state, rejection is a difficult process, and one of President Cyril Ramaphosa’s sons had to grudgingly accept being rejected by South African banks after attempting to create a business account.

PHOTO: IOL

Little is known of Tumelo Ramaphosa, nonetheless, he is prominently known for being a self-annointed revolutionary in his own right by being a outspoken advocate for cryptocurrencies and in particular the most famous and valuable of them all, Bitcoin.

PHOTO: Instagram

Like his father, Tumelo loves wildlife and breeding livestock, not that he has been found with money hidden under his mattresses. Excuse the pun.

But most of his business are centred around preservation of wildlife, such as cryptocurrency-based StudEx Wild Life which he uses to advance this cause.

PHOTO: Timeslive

His promixity to the highest office in the land, however, has severely hampered his commercial endeavors. He attempted to register a business account in South Africa across practically all banks, despite the fact that he is currently based in Dubai, United Arab Emirates.

Unfortunately, his appeal was turned down outright, with the president using his political clout as a financial weapon. Tumelo, who appeared irritated by the decision, made scurrilous statements about it, repeating his aim for Cryptocurrencies to eventually replace traditional banks as a utilitarian mode of exchange.

Screenshot: Instagram

His appeal for the implementation of measures that may allow for the decentralisation of finance would certainly get support.

Despite still showing unwavering support for Cryptocurrencies in a week that has seen their global market capitalisation decrease by a whopping 10 percent below its trillion dollar threshold, Tumelo may be cognizant of the fact that there is a general consensus particularly among the youth, that South Africa should also fast track its roll-out of crypto.

PHOTO: The Citizen

Although there are no retail businesses that accept crypto currency trades, there are techniques that may be used to sell them in exchange for rands.