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.
Exactly, they are just making lame excuses not to accept bitcoin. But the real reason behind is that they are really afraid specially big bankers that they will be extinct because bitcoin will take over. So to somewhat control it, they are putting 'regulations' so that they can limit how it can be used. They can't really hide the fact that bitcoin has been hugging the limelight and this year alone its surges at $5000. So they have to do something otherwise banks will be irrelevant in the coming years.
But they have a point saying that there are huge risk in crypto currencies. I have to agree. But now everyone should now about that. But if you are willing to take risk then why not? Or just set up a tighter regulation so that the government have something fall back if something went out of the normal.