Cryptocurrents have stormed the world in recent years and have led larger countries like Russia and China to impose prohibitions on their trade.

While these superpowers are stretching their muscles at the expense of various virtual currencies, emerging markets are starting to hang on the wave and their governments and financial institutions seem slow to assimilate.

As a relatively young democracy, South Africa is one of those countries. Ongoing political dramas have hammered the South African rand and led to recent credit downgrades – which have seen South African wealth trying to get their money out of the country.

No Rules, No Problem

The economist Dawie Roodt warned other South Africans to do just that in the context of the recent political and economic instability of the country. Referring to Cointelegraph, Roodt thinks that Bitcoin and other cryptocurrencies could be an easy way for South Africans to do exactly that.

Roodt said:

"This is not necessarily a safe haven certainly a way to get your money out of the country." By the time you buy Bitcoin, you're internationalizing your This is no longer in South Africa. "

What makes this more feasible for South Africans is that it does not make any money. There is almost no legislation on Bitcoin trade in the country.

"It's in the no man's land.There is no proper legislation, no real rules or regulations around these private currencies."

The well-known economist also struck governments who banned the use of cryptocurrencies and Blockchain, citing a lack of understanding

Roodt said:

"Any country that prohibits Blockchain must be really stupid because it's a new technology.It's like going back 150 years back and banning electricity." here is not with Blockchain, it's the creation of private currencies like Bitcoin.These countries will be obliged to authorize Bitcoin, countries like Russia and China.The Japanese have tried this; have forbidden Bitcoin only to cancel it at the end of the cancel.C is what will happen because it does not It is virtually impossible to prohibit the flow of information. It's essentially what it is – the flow of information. "

Caught Napping

Cryptocurrence and Blockchain technology have really only made their appearance in the general consciousness that in recent years and seen governments and financial institutions do Reflex reactions in response

Roodt believes that this will be the case in South Africa in the next few years.

"Most authorities in the world simply I do not understand this and in the case of South Africa, politicians have no idea. There are some bureaucrats who know a little bit about it, like at the Reserve Bank. It's traditionally a knowledgeable institution, but it's even behind the curve. I do not think bureaucrats and politicians realize the shitstorm that is about to hit them. They will be caught with their pants down; they do not have the slightest idea of ​​the power of this technology and how it will change the way we live. SA is ideally positioned to capitalize and implement this type of technology that will eventually put power where it should be – and it's in the hands of the individual. "

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