Reserve Bank explains why Bitcoin must be regulated

Hanno Labuschagne

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Reserve Bank explains why Bitcoin must be regulated

There is no choice but to regulate crypto-assets, South African Reserve Bank governor Lesetja Kganyago has said.

“We are going to have to regulate this because people go and invest in cryptos and when they lose money, they ask what government has done about it.”

Kganyago was asked for his opinion on cryptocurrencies during an interview with Wits Business School professor Mills Soko.
 

Fulcrum29

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ANC must be regulated because people lose money — :coffee:

The peeps who are punting NSSF in a broken economy, the same peeps who are taking preventative measures to prevent money leaving the borders, hence Bitcoin is being regulated.
 

Sensorei

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Nobody who ever bought Bitcoin and held it for 3 years sold it at a loss. It's a lot safer than trusting the government with our taxes and pension funds.

These halfwit cretins in government will in any case just copy what other countries have done, without understanding what they are doing.
 

deweyzeph

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In addition, the Reserve Bank has clarified that it believes transferring crypto assets from South Africa to an offshore exchange is a criminal offence.

It believes? It either is or it isn't. There's no belief system involved. Pretty interesting that they choose to use that phrase. It indicates to me that until that "belief" is actually tested in a court of law there is no certainty.
 

Little Mac

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I'm going to watch with great interest to see how they will achieve this.
 

Little Mac

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It believes? It either is or it isn't. There's no belief system involved. Pretty interesting that they choose to use that phrase. It indicates to me that until that "belief" is actually tested in a court of law there is no certainty.
Not to mention the complete fail in understanding of the technology. The Blockchain is pretty much ubiquitous - it's neither here or there. They need to clarify. What they are trying to say is that it will be illegal to transfer it to a wallet that you, or a South African citizen doesn't control. It's impossible to keep it "in the country".

I have a solution that will solve that issue. Any of the big exchanges want to discuss with me are welcome. No more of this crap from the reserve Bank.
 

Thor

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And go, I'm listening

Not going to get sued/bullied again by the bank everyone banks with when pointing out irregularities on their loan book and sending the finding to Viceroy who then exposed it.

All I can say is I trust the math behind bitcoin more than I do the fake / fluff filled ZAR.
 

Speedster

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Not going to get sued/bullied again by the bank everyone banks with when pointing out irregularities on their loan book and sending the finding to Viceroy who then exposed it.

All I can say is I trust the math behind bitcoin more than I do the fake / fluff filled ZAR.
How about the math behind BTCGlobal, MTI and Africrypt?
 
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