Governments and policymakers are usually not for Bitcoin by any stretch of the imagination. In South Africa, however, regulators are taking a positive stance towards cryptocurrencies. While this is no guarantee for a sandboxed environment in which Bitcoin and blockchain will thrive, it is a step in the right direction.
South African Regulators Warm Up To Bitcoin?
Similarly to nearly every country in the world, South Africa continues to fly below the Bitcoin radar. Back in 2014, the country’s central bank released a whitepaper explaining the potential dangers of cryptocurrency. They also warned consumers and businesses to stay away from bitcoin, as they would be dealing with it “at their own risk.”
Fast forward to today, and it appears that attitude towards cryptocurrency is a thing of the past. In fact, South African regulators are starting to see the potential of Bitcoin and what tit could mean for the local economy. To be more precise, several incubators in the country, which mostly focus on Fintech, are keeping an open mind towards Bitcoin and blockchain as well.