In the right hands, cryptocurrencies will democratise finance
This is our future, whether we like it or not, and we'd better get educated on how best to use the technology
Whether it is a pure cryptocurrency such as bitcoin or an asset-backed stable coin such as the one proposed by Facebook, in 10 years everyone will be using cryptocurrency. There is no turning back the clock.
Regulators around the world are sceptical at best, and untrusting and hostile at worst. In SA the Reserve Bank has cautioned people, but is making an effort to understand the technology, taking a considered, phased approach. Committees are in place to try to align the tax regime to deal with income related to cryptocurrencies. The space is fluid, but legislators are always a step behind...