The Southern District Court's move is ruthless, classifying BTC as capital and even regulating cross-border transfers.

According to IOL, the South Gauteng High Court in Johannesburg, South Africa, ruled that Bitcoin may be deemed “capital” and “currency” under South Africa’s foreign exchange control regulations. Transferring BTC to an offshore exchange or a wallet accessible from abroad may be considered capital outflow and requires approval from the South African National Treasury. In addition, the court rejected the appeals of two crypto traders, upholding the South African Reserve Bank’s asset forfeiture order of nearly 6 million rand (about $370,000). The case involved about 1,680 BTC transferred to a wallet accessible to an offshore exchange, then valued at approximately $11.2 million.