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Author Topic: [2017-07-21] South African Central Bank To Start Bitcoin Regulation  (Read 7938 times)
iamTom123
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July 21, 2017, 02:00:01 AM
 #1

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A Blockchain-based solutions provider in South Africa, Bankymoon, has been selected by the central bank of the country to be the sandbox business in testing out digital currency regulations.

The South African Reserve Bank, essentially, the central bank of the country, will begin experimenting with different regulations surrounding Bitcoin and other cryptocurrencies with an eye to legitimize and understand the growing trend.

The South African government has up until now mostly turned a blind eye to Bitcoin and related digital currencies, but this marks a big step towards regulating Bitcoin in a country where it is flourishing with users and merchants alike.

With the mainstream starting to pick up on Bitcoin and digital currencies, there is a thorny issue that always arises. The very nature of Bitcoin is to be decentralized, but the want of governments to restrict and regulate it is in opposition of this principle.

However, regulating digital currencies does have its advantages, and for the governments it is about adding a level of legitimacy to the technology.


Full Article Can be Found Here!


I am particularly excited and interested of this development because if this experimentation can be successful then there is a big possibility that other central banks in the African continent may follow the same. The African market is a big market and in this arena Bitcoin can be tested on how it can work under a very different environment. Bitcoin can work for humanitarian projects across the continent and it can be use so that funds directly go to families that really need them without the usual middlemen (government or not) where corruption can be existing.

I am sure that there is a teeming interest with Bitcoin in Africa and there are now some business outfits which are ready to exploit what Bitcoin can bring to their people and customers. Well, rather than spending time on how to perfect the Nigerian scam, they might as well concentrate their time and efforts on cryptocurrency via Bitcoin...now I am just joking.
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July 21, 2017, 06:34:42 AM
 #2

I think Kenya have beaten South Africa to the finish line with this. They already have a vibrant Bitcoin economy with services competing with M-Pesa, called https://www.bitpesa.co/

African countries can quickly transition to Bitcoin based systems, because they have a good micro economy and high mobile telephone usage and they are already familiar with M-Pesa that were introduced to them, before Bitcoin existed. Bitcoin is just cheaper and faster. ^smile^

I hope the South African government will follow the example of the Japanese government and fully embrace Bitcoin usage and in doing this, draw new tourism potential < Bitcoin travellers > and also new business opportunities to their country.

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July 21, 2017, 07:22:14 AM
 #3

I hope the South African government will follow the example of the Japanese government and fully embrace Bitcoin usage and in doing this, draw new tourism potential < Bitcoin travellers > and also new business opportunities to their country.

Japan has been an extraordinary example of how things should be done in practice, but we can't just expect that other countries will follow that exact same route. I always prefer to see how things work out before jumping on it with great excitement, because at the end of the day, actions speak louder than words. But overall, this is definitely something to keep focusing on, as this might eventually be the trigger for the rest of the countries within the African continent to do the same. With Segwit activation coming closer and closer, we are definitely on the right track to allow Bitcoin to cope with potential demand. On top of that, Lightning Network will add its own value to the whole point of allowing people to enjoy micro transactions.

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July 21, 2017, 12:08:49 PM
 #4

I think Kenya have beaten South Africa to the finish line with this. They already have a vibrant Bitcoin economy with services competing with M-Pesa, called https://www.bitpesa.co/

African countries can quickly transition to Bitcoin based systems, because they have a good micro economy and high mobile telephone usage and they are already familiar with M-Pesa that were introduced to them, before Bitcoin existed. Bitcoin is just cheaper and faster. ^smile^

I hope the South African government will follow the example of the Japanese government and fully embrace Bitcoin usage and in doing this, draw new tourism potential < Bitcoin travellers > and also new business opportunities to their country.

I think South Africa is heading on that direction. We should give them a year or 2 at most and see how they will react to it. That is what I want to see, as Japan is has set a precedence, more country will follow and make this a step closer to the global adoption that all of us wants to see. We just need patience and the right timing so that other country will understand how bitcoin can be used and maximized by their citizens. Bitcoin is not a threat, it may help their citizens enjoy financial freedom.

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July 21, 2017, 07:14:28 PM
 #5

The government and banks would be happy to control bitcoin, but luckily they couldn't  Grin But the regulation is the right theme to all of them. I am agree that this is going to be the experience to all central banks over the world and if it will pass successfully other banks will follow.
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July 22, 2017, 07:52:07 AM
 #6

This will be very good news, and also stick the bitcoin as the standard crypto money around the world.

After south korea has officially used bitcoin as a standard payment tool, now South Africa has followed the trail and used bitcoin, again this confirms that later all countries in the world will use bitcoin.

Only time that can answer.

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July 22, 2017, 04:38:14 PM
 #7

This will be very good news, and also stick the bitcoin as the standard crypto money around the world.

After south korea has officially used bitcoin as a standard payment tool, now South Africa has followed the trail and used bitcoin, again this confirms that later all countries in the world will use bitcoin.

Only time that can answer.

For me, this news is a bit surprising. In Africa, infrastructure is not strong enough to make it comfortable to use bitcoin. In addition, in remote areas of Africa there is not even an Internet. People know little about bitcoin
Mpamaegbu
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July 23, 2017, 10:25:28 AM
 #8

Quote

A Blockchain-based solutions provider in South Africa, Bankymoon, has been selected by the central bank of the country to be the sandbox business in testing out digital currency regulations.

The South African Reserve Bank, essentially, the central bank of the country, will begin experimenting with different regulations surrounding Bitcoin and other cryptocurrencies with an eye to legitimize and understand the growing trend.

The South African government has up until now mostly turned a blind eye to Bitcoin and related digital currencies, but this marks a big step towards regulating Bitcoin in a country where it is flourishing with users and merchants alike.

With the mainstream starting to pick up on Bitcoin and digital currencies, there is a thorny issue that always arises. The very nature of Bitcoin is to be decentralized, but the want of governments to restrict and regulate it is in opposition of this principle.

However, regulating digital currencies does have its advantages, and for the governments it is about adding a level of legitimacy to the technology.


Full Article Can be Found Here!


I am particularly excited and interested of this development because if this experimentation can be successful then there is a big possibility that other central banks in the African continent may follow the same. The African market is a big market and in this arena Bitcoin can be tested on how it can work under a very different environment. Bitcoin can work for humanitarian projects across the continent and it can be use so that funds directly go to families that really need them without the usual middlemen (government or not) where corruption can be existing.

I am sure that there is a teeming interest with Bitcoin in Africa and there are now some business outfits which are ready to exploit what Bitcoin can bring to their people and customers. Well, rather than spending time on how to perfect the Nigerian scam, they might as well concentrate their time and efforts on cryptocurrency via Bitcoin...now I am just joking.


You brought a cheering piece of news here but killed the mood by poking a dirty finger where you obviously know next to nothing. You don't have to single out a particular country for your scam bashing. After all scam and crime are not exclusively reserved for any particular country. Even the US has an unprecedented number of scam rate in the world. Go check the records.


To the thread, this definitely will quicken boardroom decisions in many Central Banks in Africa now as every country will want a bite of whatever the Bitcoin transactions will offer.

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Kprawn
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July 23, 2017, 03:22:34 PM
 #9

This will be very good news, and also stick the bitcoin as the standard crypto money around the world.

After south korea has officially used bitcoin as a standard payment tool, now South Africa has followed the trail and used bitcoin, again this confirms that later all countries in the world will use bitcoin.

Only time that can answer.

For me, this news is a bit surprising. In Africa, infrastructure is not strong enough to make it comfortable to use bitcoin. In addition, in remote areas of Africa there is not even an Internet. People know little about bitcoin

Not if these guys has something to say about this : https://x.company/loon/

Africa’s total inbound international Internet bandwidth increased by 51% during 2015. By December 2015, Africa’s bandwidth

reached 4.555 Tbps.

You only need mobile cellular access for Bitcoin to work and a quick search have shown me that coverage is no problem in

South Africa. https://thetechieguy.files.wordpress.com/2012/09/image45.png

Source : http://thetechieguy.com/mtn-lte-in-3-cities-more-3g-coverage-and-other-stuff-that-r7-billion-buys-you/

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