Cryptocurrencies must be regulated in South Africa - National Treasury

Hanno Labuschagne

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Cryptocurrencies must be regulated in South Africa - National Treasury

National Treasury has told Parliament that South Africa’s only option was to regulate activities related to crypto assets like Bitcoin.

It said that the country can’t simply leave the crypto asset market unregulated, and it also can’t ban the use of crypto assets. Therefore the only choice is to regulate.

Treasury’s presentation was delivered by chief director Olaotse Matshane, who was speaking to the finance committee in the National Council of Provinces (NCOP).
 

Praemon

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This is a good thing. It legitimizes the usage of cryptocurrencies and provides clarity, which will help businesses expand into the space, such as financial institutions and other companies which may be holding back due to uncertainty.
 

garp

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If cryptos are an asset and not a currency, why has El Salvador just made Bitcoin legal tender, with several countries poised to follow suit? Shame, they desperately want it to be treated as an asset because currency transactions are not as taxable. But things are moving rapidly now and every new bureaucratic regimen is almost instantly outdated.
 

_xaos_

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What exactly is considered Legal Tender? Paper and coins I suppose. Difference between Legal Tender, Currency and Asset. Any asset can be used in a tender for the excange of services and/or goods. i.e. If my neighbour has a lot of avos, then I can offer in exchange some of my lemons per avo. Whatever is agreed upon becomes the current value pair. Maybe next time he'll want more lemons per avo... Thus currency changed. So how will it then be different to offer a digital asset in exhange for his avos. If he agrees then that becomes the currency between us
 
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