At the University of Johannesburg, Professor Rabelani Dagada has encouraged South Africa to concluded its cryptocurrency public policy if the country still wants to become a hub for digital currency innovation.
According to ITWeb, Dagda warned South African authorities that the pursue of stifle cryptocurrencies will not achieve the intended objectives.
From history, regulators must understand that violently opposing an emerging innovation will not kill it. He said:
“Technology has prevailed against violent and regulatory opposition. During the era of the industrial revolution, some workers in Britain rioted against mechanized manufacturing firms.
Blue-collar workers waged a war against technology. They physically destroyed production machinery, cotton, and woolen mills.”
Opposing Crypto Activities
Cryptocurrencies have been opposed firmly by the South African Authorities and however deny them to go mainstream.
Dagada cites illustrated that Johannesburg Stock Exchange (JSE)’s refusal to agree on Sygina’s application to list bitcoin exchange-traded funds (ETF).
JSE approved the application, South Africa “would possibly have become a hub of cryptocurrency innovation, especially if one considers the country has highly-sophisticated financial services among the developing economies.”
Dagada shows his opinion piece that new technologies successfully prevail despite opposition. Earlier technologies, cryptocurrencies — which are a “product of money and technology” will happen. Dagada also said that to being an exercise in futility, formalizing crypto-currencies works in favor of South Africa because such digital currencies “hold lots of taxable tax.”
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