The South African National Treasury has proposed Draft Capital Flow Management Regulations that threaten financial freedom and property rights.
While the potential impact on Bitcoin adoption is severe, these regulations are far broader and grant the state sweeping powers over personal assets. Key threats include:
* Forced Liquidation: Granting the state power to compel the sale of not only crypto assets, but also foreign currency, gold, and securities.
* Banning Self-Custody: Making it illegal to hold or transact with your own assets outside of state-approved channels.
* Outlawing Peer-to-Peer Transactions: Effectively destroying circular economies and private commerce.
* Arbitrary Power: Giving the Minister unilateral power to set legal thresholds without parliamentary oversight.
A coordinated effort headed by Bitcoiners is underway to oppose these regulations:
https://propertyrightsdefense.org/
We're a part of this effort, which is spearheaded by organizers from @Adopting Bitcoin Cape Town.
The Treasury initially published two different dates - May 18th and June 10th - creating uncertainty about the true cutoff point for public comment.
This was clarified by a recent media statement, published this week, which extended the deadline to 30 June, and, if you read between the lines, also seemed to indicate that public pressure is already working.
These regulations, if passed, will affect many South Africans who hold any form of foreign asset, not just those who use Bitcoin.
Given the profound implications for property rights and financial sovereignty, it is crusial that we keep up the public pressure.
Thanks to @ODELL for having us on to talk about it, alongside, Carel, from @MoneyBadger.
If you can afford to donate and support the effort (for a possible legal fight against the government) please do so.
Otherwise, simply following and spreading awareness of this helps keep up the pressure and maybe force further extension or, best case, a complete withdrawal.
https://propertyrightsdefense.org/
While the potential impact on Bitcoin adoption is severe, these regulations are far broader and grant the state sweeping powers over personal assets. Key threats include:
* Forced Liquidation: Granting the state power to compel the sale of not only crypto assets, but also foreign currency, gold, and securities.
* Banning Self-Custody: Making it illegal to hold or transact with your own assets outside of state-approved channels.
* Outlawing Peer-to-Peer Transactions: Effectively destroying circular economies and private commerce.
* Arbitrary Power: Giving the Minister unilateral power to set legal thresholds without parliamentary oversight.
A coordinated effort headed by Bitcoiners is underway to oppose these regulations:
https://propertyrightsdefense.org/
We're a part of this effort, which is spearheaded by organizers from @Adopting Bitcoin Cape Town.
The Treasury initially published two different dates - May 18th and June 10th - creating uncertainty about the true cutoff point for public comment.
This was clarified by a recent media statement, published this week, which extended the deadline to 30 June, and, if you read between the lines, also seemed to indicate that public pressure is already working.
These regulations, if passed, will affect many South Africans who hold any form of foreign asset, not just those who use Bitcoin.
Given the profound implications for property rights and financial sovereignty, it is crusial that we keep up the public pressure.
Thanks to @ODELL for having us on to talk about it, alongside, Carel, from @MoneyBadger.
If you can afford to donate and support the effort (for a possible legal fight against the government) please do so.
Otherwise, simply following and spreading awareness of this helps keep up the pressure and maybe force further extension or, best case, a complete withdrawal.
https://propertyrightsdefense.org/
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