{"id":73127,"date":"2026-05-27T04:45:42","date_gmt":"2026-05-27T04:45:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/economist-dawie-roodt-warns-south-africans-may-drop-local-currency-as-crypto-rules-tighten\/"},"modified":"2026-05-27T04:45:42","modified_gmt":"2026-05-27T04:45:42","slug":"economist-dawie-roodt-warns-south-africans-may-drop-local-currency-as-crypto-rules-tighten","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/economist-dawie-roodt-warns-south-africans-may-drop-local-currency-as-crypto-rules-tighten\/","title":{"rendered":"Economist Dawie Roodt Warns South Africans May Drop Local Currency as Crypto Rules Tighten"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">On May 15, the National Treasury defended its new crypto rules against claims of asset seizure in South Africa.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Dawie Roodt warns that the harsh capital rules will backfire, driving 100% of local users to cryptocurrencies and stablecoins.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">SA regulators will release a cross-border crypto manual next for public comment to define upcoming rules.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Push Toward Decentralized Tech<\/h2>\n<p>South Africa\u2019s continued reliance on exchange controls will push citizens toward <span>cryptocurrencies<\/span> and <span>stablecoins<\/span> unless the system is dismantled, Efficient Group director and chief economist Dawie Roodt has <a href=\"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/649883-economist-warns-that-south-africans-may-stop-using-the-rand.html\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a>. He said the <span>blockchain<\/span> technology has already made it easier and cheaper for people to move money across borders while giving them more direct control over their assets.<\/p>\n<p>The economist insisted that attempts by the National Treasury or the South African Reserve Bank to restrict that shift would ultimately fail, he said.<\/p>\n<p>\u201cDon\u2019t these people understand that the world has moved forward, and that there are new technologies? They cannot stop me anymore,\u201d Roodt remarked.<\/p>\n<p>Roodt was commenting on Treasury\u2019s proposed Capital Flow Management Regulations, which include new reporting requirements for <span>crypto<\/span> holders and provisions that critics say could allow the state to expropriate digital assets.<\/p>\n<p>As previously reported by <span>Bitcoin.com<\/span> News, under the proposed regulations, residents holding <span>crypto<\/span> above an unspecified threshold would be required to declare it and could be <a href=\"https:\/\/news.bitcoin.com\/south-africa-crypto-draft-triggers-1m-rand-fine-warning-from-valr-ceo\/\">compelled<\/a> to sell it to the government. The regulations will also empower officials to search and seize if they suspect a breach, while offenders face possible<a href=\"https:\/\/news.bitcoin.com\/declare-your-crypto-or-face-jail-south-africas-aggressive-new-capital-flow-rules\/\"> jail time<\/a>.<\/p>\n<p>Roodt said such measures are unenforceable because regulators cannot compel people to reveal <span>private keys<\/span> or access to self\u2011custodied wallets.<\/p>\n<p>\u201cThis is such a stupid idea. How are they going to get into my head?\u201d he said. \u201cThey want to force me to give them my passwords, and they want to force me to open up my phone or my computer.\u201d<\/p>\n<p>He argued that the nature of <span>blockchain<\/span> technology renders traditional foreign\u2011exchange controls obsolete. If South Africa does not abolish them, he said, people will increasingly opt out of the rand.<\/p>\n<p>\u201cIf we don\u2019t, I will stop using the rand and keep on using some other currencies, because there I\u2019ve got more control,\u201d he said.<\/p>\n<h2>Financial Inclusion vs. State Control<\/h2>\n<p>The economist said the draft regulations reveal a government mindset focused on control rather than adaptation.<\/p>\n<p>\u201cThe ideology is that they want to control everything, but it\u2019s very clear to me they don\u2019t understand what we\u2019re doing,\u201d he said.<\/p>\n<p>He acknowledged that <span>crypto<\/span> can facilitate criminal activity but said the benefits \u2014 including low\u2011cost global transfers and access to financial tools for people without banking services \u2014 far outweigh the risks.<\/p>\n<p>\u201cImagine people who do not have access to a banking system somewhere in rural Africa, and they start using these <span>stablecoins<\/span>,\u201d he said. \u201cNow, all of a sudden, they\u2019ve got very low transaction fees, and they can send their money all over the world, 24\/7.\u201d<\/p>\n<p>Large institutions are already using <span>blockchain<\/span> for wholesale transactions, he added, noting that Mastercard and Visa have begun investing in <span>stablecoin<\/span> infrastructure.<\/p>\n<p>The National Treasury has rejected claims that the draft regulations are intended to seize private <span>crypto<\/span> holdings.<\/p>\n<p>In a statement on May 15, Treasury said the rules \u201cdo not intend to criminalise the possession of <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> assets or to apply the Regulations retrospectively.\u201d<\/p>\n<p>A separate draft manual on cross\u2011border <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> transactions will be released for public comment, outlining which activities qualify as cross\u2011border flows and what obligations will apply to authorized service providers.<\/p>\n<p>Treasury said concerns about forced disposals of <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a>, <a href=\"http:\/\/www.bitcoin.com\/get-started\/bitcoin-vs-gold\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">gold<\/a> or foreign currency are misplaced, adding that such measures would apply only \u201cunder limited circumstances, such as where an offence has been committed.\u201d<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/economist-dawie-roodt-warns-south-africans-may-drop-local-currency-as-crypto-rules-tighten\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways On May 15, the National Treasury defended its new crypto rules against claims of asset seizure in South Africa. Dawie Roodt warns that the harsh capital rules will backfire, driving 100% of local users to cryptocurrencies and stablecoins. SA regulators will release a cross-border crypto manual [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":73128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73127"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=73127"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/73128"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=73127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=73127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=73127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}