SA government is going to get caught with its pants down over bitcoin: economist

With the recent credit downgrades and fears of a deteriorating economy, South Africans are constantly on the lookout for a “Plan B” option. This is according to economist Dawie Roodt, who said that these unique factors make South Africa one of the best case studies for why Bitcoin and other cryptocurrencies are so important.

Speaking to cryptocurrency website Coin Telegraph, Roodt said that while it was not necessarily a safe haven, Bitcoin remained a definitive way of getting your money out of the country. Because the currency is also not actively regulated in the country, Roodt said it was also much more feasible than other options.

“It’s in no-man’s land. There is no proper legislation, no real rules or regulations around these private currencies,” he said.

“Most authorities globally simply do not understand this and in the case of South Africa, the politicians don’t have a clue. There are a few bureaucrats that know a little bit, like at the Reserve Bank.”

“That is traditionally an institution that is well informed, but even they are behind the curve. I don’t think the bureaucrats and politicians realise the shit-storm that is about to hit them.

“They are going to get caught with their pants down; they haven’t got a clue about the power of this technology and how it will change the way we live. SA is ideally positioned to capitalise and implement this sort of technology which will eventually put the power where it should be – and that is in the hands of the individual,” he said.

Read: Bitcoin becoming a crisis currency in world’s hotspots

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SA government is going to get caught with its pants down over bitcoin: economist