From the look of things, it is no longer news how Blockchain technology is further advancing our technology at an alarming and unprecedented rate, springing new opportunities forth the more we dig into it.
The IFWG; Intergovernmental Fintech Working Group in South Africa was established in 2016 as a result of growing interest and rapid innovation in Fintech and Crypto assets domain.
The South African Government in an interview opens up on its welcome embrace as regards blockchain technology making a point of note that users must abide by rules and regulations.
The outlook from the country is that cryptocurrencies and blockchain technology are a good thing and are more than welcome. What is frowned upon is people misusing them, for example someone evading tax, leaving the country and taking all their Bitcoin with them. But the use, creation and interaction within the confines of the law is more than welcomed by the government.
The Office of Digital Advantage, South Africa reports that the state has spent 10 percent of its GDP on ICT goods and services which were mostly imported.
We need to increase investment in the ICT space and we need a framework to guide the development of technology in the country. A particular challenge in the ICT space is getting new patents registered in the country.
The Council for Scientific and Industrial Research (CSIR) believes the local blockchain sphere is in need of investors. They are also taking active steps to delve into blockchain technology for new horizons that would help attract investment and advance the South African ICT sector.
We realized we can go into the blockchain space and drive development that goes a lot further than cryptocurrencies. While there are limited tech skills in the country, the local blockchain ecosystem is growing, driven by startups. The space now wants government involvement.
South African is also set to launch The National Blockchain Alliance in April 2020 to explore more adaptable opportunities in the blockchain sector.
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