OP, according to Dunamisx, I also suggest you move this thread to Economics.


From your source link, Kuben Naidoo, the Deputy Governor of the South African Reserve Bank, clearly talked about regulation band and KYC on cryptocurrencies, which in no way refer to Bitcoin. I believe they are referring to some altcoins or fiat currency 

While there can be here who don't look at this news to be encouraging...first let's compare it to what happened in China where total ban has been in effect for many years now and this would surely be a lot better. Regulations of cryptocurrency, of course, involves some give and take process all because this is an act by the government to be making something legal but at the same time there are going to be processes in place as a compromise. As for me, we don't have the choice because individually we can never obliterate the power of the state to impose legal procedures and requirements...however am sure there can be some platforms that can still be serving the people without the need for KYC and AML procedures so there remains to be some choices available. In addition, though there is no specific reference for Bitcoin in the said ACT above, the term used is cryptocurrency...and is Bitcoin not cryptocurrency?

Well, South Africa makes provision in their tax returns for people to declare Crypto currency income as Capital gain. So they still see it as a Commodity and not neccesarilly as legal tender. When a government accept Bitcoin or Crypto currency as a currency, then VAT will be added to those transactions and declared as a income.

I know for a fact that one of the sons of that President are into Crypto currencies, so it might explain why their government are so open-minded about Crypto currencies. 

Building analyzes on mere speculation for a period of 12 to 18 months would be considered a waste of time because a lot of things and variables will happen during this long period, and unless the bill is changed into a law and put into effect then only we can talk about the positive effects.

Personally, I see that many countries are planning to expand the tax umbrella, and therefore every “regulation of cryptocurrencies is a new way to impose taxes"

Some how btc is gaining grounds, not just any ground but from the government sector as well, what many people thought would not come easily we are seeing it happening stage by stage, the government from various countries are beginning to come to terms with the fact that btc is here to stay, people are not ready to back down from using it or having it as an asset.
We are in the beginning of the first phase of adoption, and i believe more of such news will keep coming. Btc is on the Guinness world record, definitely something that will attract more attention.

I've read and seen about Africa declaring this about crypto assets.

They say: South Africa Classifies Crypto Assets as Financial Products.

If they/Africa really do, of course my understanding despite different title and same goal I think El Salvador has done it.
• El Salvador becomes world's first country to make Bitcoin an official currency.

I have an understanding of Bitcoin, what El Salvador has been and is doing, as far as I know Bitcoin remains as usual, developments based on market, no changes, despite all the rules and policies of Bitcoin or finance they want to do in the future, that is because Bitcoin is not only used in Africa, the world speaks.

Anything that gives bitcoin good publicity would definitely be good for it. At least the government of South Africa has recognized the importance of Bitcoin and others which is why it has to amend its existing law to give them legal backing. Although they might have some unpleasant intentions such as taxation, disrespect for privacy, and others nevertheless the news is a good one.

With this legal recognition and backing companies or individuals can now use bitcoin as securities to access loans, and mortgage funds, and enjoy other financial privileges because it is no longer a legal alien.