South African Reserve Bank says bitcoin is not a legal tender because only the banks are capable and authorized by the South African Government to issue a legal tender.
Continuous regulatory governments involvement in bitcoin keeps on spiking up, due to the huge popularity that the cryptocurrency has gotten and went extremely mainstream.
The bank thinks that there are huge risks on cryptocurrencies, like for money laundering and legal uncertainty caused by lack of regulation.
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https://zycrypto.com/south-african-reserve-bank-bitcoin-not-legal-tender/Bitcoin is not legal tender, because it is not a fiat currency. There are no laws backing bitcoin saying that it must be accepted by merchants or it is a national currency.
Every single country is introducing new means of limiting how bitcoin can be used it seems.
And imo, it has absolutely nothing to do with whether or not bitcoin is a high risk investment and whether or not bitcoin has a founder. The governments are scared that bitcoin is going to drive them out of their business and power, essentially.