South African finance minister believes that bitcoin has great potential

South African finance minister believes that bitcoin has great potential


The development of encryption assets, especially in countries such as South Africa, finance minister MalusiGigaba said yes, government officials have clearly put forward the question.

At present, the encryption assets in South Africa was no policy limit, but the number of private enterprises in their internal operations and Gigaba are already and these enterprises dialogue.

Financial technology

Gigaba answered bitcoin opposition, when asked the government to issue encryption assets market development positions and whether he intended to regulate the market. He answered as follows:

“As indicated by the use of authorities continue to monitor and evaluate the virtual assets, and to the private sector stakeholder consultations. If necessary, can be issued further guidance or regulations,”.

“In December 2016, the Ministry of Finance in conjunction with the SARB, FIC and FSB also established a working group FinTech between the government, to amend the policy attitude for the development of FinTech, including encryption method of assets, and to deal with the new FinTech in the financial sector matters, such as raising the public payment platform, etc.”

“At present is to adopt a balanced approach to support the financial sector to enhance innovation, competition and financial inclusion, but also review the risks associated with financial consumer protection, money laundering and financial stability.”

And the Internet is similar

Gigaba said, FinTech is still in the early stages, there are large fluctuations and excitement, like the Internet, when it first began to take off quickly.

Therefore, the government hopes the turbulent period between innovation and protect the user’s balance.

The finance minister thinks that only the most powerful digital assets can rise and fall to early currency between.

The rapid development of

Of course, in block chain technology, government and enterprises have more vitality, because it has many applications in digital assets, rather than the destructive force.

He came to the conclusion as follows:

Block chain technology has great potential to be used to create other encryption currency. Block chain technology can be a kind of cheap, safe and effective method of the money will be transferred to the hands of users or organizations.

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