Professor Rabelani Dagada of the University of Johannesburg urged South Africa to complete its cryptocurrency public policy if it still wants to become a digital currency innovation center.

History repeats itself

In the comments issued by Itweb, Dagada warned the South African authorities that continued efforts to stifle cryptocurrencies will fail to achieve their desired goals. He added that regulators must learn from history, and strongly opposed to an emerging innovation will not kill it. He explained:

Technology has overcome violence and regulatory opposition. In the era of the Industrial Revolution, some British workers launched a riot against mechanized manufacturing enterprises. The blue-collar workers waged a war against technology. They physically destroyed production machinery, cotton and woolen mills.

Dagada also shared a recent example of how “some people in the UK and South Africa mistakenly accused 5G technology for causing the COVID-19 pandemic and destroying some mobile network base stations.”

Opposing cryptocurrencies is futile

Although the South African authorities did not strongly oppose cryptocurrencies, they refused to make them mainstream. To illustrate this point, Dagada cited the refusal of the Johannesburg Stock Exchange (JSE) to approve the listing of Sygnia’s Bitcoin Exchange Traded Fund (ETF).

However, Dagada insists that if the JSE approves the application, South Africa “may become a center of cryptocurrency innovation, especially if people believe that the country has highly sophisticated financial services in developing economies.”

Nevertheless, Dagada pointed out in his opinion article that despite opposition, new technologies will always prevail in the end. Similarly, just like early technology, cryptocurrency as a “product of currency and technology” will be equally popular. Dagada also argued that in addition to futility, the formalization of cryptocurrency is beneficial to South Africa because this digital currency “holds a large amount of taxable taxes”.

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