Rabelani Dagada, a professor working with the University of Johannesburg, has recently urged South Africa to finalize its cryptocurrency public policy if the country still desires to become a hub for digital currency innovation. Dagada reportedly warned South African authorities in an opinion published by ITWeb, that avoiding cryptocurrencies won’t achieve the intended objectives.
Rabelani Dagada laid an emphasis on learning things from history and added that violently avoiding cryptocurrencies will not result in achieving the intended targets. In addition to this, he said:
“Technology has prevailed against violent and regulatory opposition. During the era of the industrial revolution, some workers in Britain rioted against mechanised manufacturing firms. Blue-collar workers waged a war against technology. They physically destroyed production machinery, cotton and woollen mills.”
Though it should be noted that South African authorities have not violently opposed cryptocurrencies, they have always refused to allow them to go mainstream.
Along with this, Dagada insists, however, that if the JSE (Johannesburg Stock Exchange) approved the application by Sygnia to list bitcoin exchange-traded funds (ETF), South Africa would possibly have become a hub of crypto innovation, particularly if one considers the country has highly-sophisticated financial services among the developing economies.
In the opinion piece officially shared, Dagada points out that the new technologies always eventually prevail despite opposition. He believes that cryptocurrencies, which are an amalgamated product of money and technology will prevail like all the previous technologies.
Also, Dagada argued that in addition to being an exercise in vanity, formalizing cryptocurrencies works in favour of South Africa because such digital currencies hold lots of taxable taxes.