South African Professor, Rabelani Dagada of Johannesburg University, urges the Government to immediately address the non-regulated crypto space of the country. He is concerned that any further delay for setting up an unambiguous crypto roadmap will seriously affect the innovation and subsequently the country cannot achieve its motive of becoming global hub for crypto universe.
One of the most respected Johannesburg University professors, Rabelani Dagada, was interviewed by South African media. His interview, which was contained in the form of an “opinion”, was published in local print media. In his opinion, Dagada has stressed grave concern over the South African crypto space living in an unregulated atmosphere. He has warned that the Government should not use state machinery for stifling virtual currencies. He claimed that such an unnecessary exercise will seriously affect the motive the country wants to achieve.
He reminded state authorities that even in the past governments tried their best to kill emerging trends by force. However, the trends survived, while the governments were overthrown and erased from history. He opined that the innovation in the shape of “cryptocurrencies” is one such trend that cannot be stopped by might. Instead, it will continue to grow upon more and more people. So there is no point in the South African Government to oppose the innovation of crypto because nobody can actually kill it. Crypto is immortal and will continue to live contrary to the wishes of oppressors.
Dagada stated that in modern times innovation has continued to survive and flourish even though there were regulatory oppositions. He gave an example of “mechanized manufacturing companies”, which were introduced for the first time in Britain. Laborers as well as blue-collar personnel working in the offices at that time held strong protests against innovation and technology. The protestors even went onto physically damage the mechanized machinery and destroyed some of them completely. However, here is the world today, relying completely upon mechanized machinery and equipment. None of the industries today can work without the use of this mechanized machinery.
He even quote the example of 5G dilemma wherein people were made to believe that it was 5G technology that erupted the Covid-19 crisis. He stated that many in South Africa as well as in the UK started to believe 5G dilemma to be the cause of the pandemic. Eventually, protests were once again held worldwide and public and business properties were damaged by violent protestors. But now the protests have ended and 5G is very much in place and being used by global users.
According to Dagada, apparently there is no direct threat from the South African Government against crypto. However, the Government is indirectly creating hurdles within the path of crypto in going mainstream. He said that the worst example of refusal is the non-acceptance of Bitcoin ETF by the Johannesburg Stock Exchange. The major stock house of the country has denied Sygnia to enlist its intended Bitcoin ETF with the exchange without any rationale.
Keeping in view the instances like this, it is essential for the South African Government to give crypto regulation. Otherwise, the national agenda of the country will not be achieved wherein South Africa wants to become global hub for the crypto universe.