[ Bitcoin News ] The South African Reserve Bank looking to regulate Bitcoin in South Africa
I have seen many articles about regulating Bitcoin lately, but this is the first time I see it in South Africa. I read the article and don’t feel to worried about it. I am actually glad they are looking into Bitcoin.
Source: pixabay.com
The fact that they are looking into bitcoin tells me that they are seeing more mainstream adoption of bitcoin, which is good. What is alto good for bitcoin it that it government departments start to see the benefits they will hopefully start using it to save money and time. Like using the blockchain for property registration and so on.
I know I must pay taxes and I will. The governments realise that if they don’t try to adapt to this new technology they will lose big time in taxes. So, they will have to amend their tax laws and forms and more to accommodate Bitcoin.
If Bitcoin is taken seriously by governments, then people cannot say Bitcoin is a scam any more. And there are still many of these nay sayers out there.
Here is the full article on mybroadband.co.za:
What do you think about bitcoin regulations? Do you worry about it?
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Once again what a great post, thank you so much @colinbrazendale! There is really no stopping this train of the bitcoin price as the demand for a limited amount of coins, 21 million, continues to skyrocket.
Regulation is going to be a massive injection for the BTC price. As you say because it is an indication of it going mainstream. And you can take any change in the btc price and multiply it by two to get the change in SBD and Steem! Things are looking good!
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I agree @pjcswart and when the Rand weakens we get even more in Rand terms. :) Steem on!
Yes indeed I love it the future looks bright!
Interesting, I guess it is in their best interests tax wise!
Yes it is @janique. :)
This is the second post along these lines I have seen today. The first was about Arizona accepting BTC as payment for taxes.
My comments on that post fit here fairly well. I ended with, " If Satan is cheering for you, there is a good chance something is about to go terribly wrong." That goes double in this case. South Africa is a colossal mess with evil at the very core of its government. I do not understand this way of thinking.
Bitcoin was born out of principles that are at odds with centralized banks as far as I can tell. It seems people are way to quick to think governments and centralized banks (are they really different) being "interested" in crypto in any way is a good thing. I would feel much better if they just stayed the hell out of it.
One must ask, "why are they getting interested?" The answer to the question "why is the government interested in "x"?" is never because they want to make the world a better place, increase the welfare of mankind, or anything along those lines. If they are interested it is to attain power, keep power, or mitigate any loss of power.
It seems to me that it would be best for crypto and blockchain if the community using it understand how easily it can be raped, distorted, or destroyed. We may not be able to do anything about it, but we can certainly avoid cheering when Arizona wants to take your BTC. As for South Africa even knowing it exists, it makes me throw up in my mouth a little.
Great comment, love what you are saying about SA and BTC. You've got a new follower!
More attention from governments also means more chance for institutional money to come into the cryptospace. Of course the governments will want their piece of the puzzle and we'll have to pay some taxes on our winnings, but the winnings themselves will only get bigger when the cryptocurrency-world will attract real big players. I'm kind of indifferent about it really...
Great great comment. Imagine the power of institutional money!!! Trillions! Whole new ball game! You've got a a new follower!
nice post ... all about bitcoin very helpful
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