Monero Core Team member believes that, despite having a strict regulation, South Africa has room for crypto growth. Riccardo Spagni is a member of Monero Core team and co-founder of Tari Labs. Riccardo Spagni has been a member of Monero since its initial stages.
He believes that crypto-related businesses can grow in the harsh conditions of South Africa. He reinforces his thoughts with action and has successfully established a crypto-related business in the country.
Spagni claims to have grown fond of the region while conducting businesses there. Riccardo Spagni was born and raised in the country and had no plans of leaving it unless it is completely unavoidable.
He admits that the region has certain problems have problems like improper sanitation, electrical power outages, and other management problems. However, he believes that the region still has a scope and potential for growth against all the odds.
Riccardo Spagni believes that the current regulations in the country dishearten local businesses that are looking to establish an international platform in the country. Spagni believes that determined businessmen can still strive through these conditions.
Furthermore, the South African Reserve Bank (SARB) has set a credit card limit for transactions. Crypto companies have to handle various web pages where a lot of transactions occur. However, the rule puts a limit on the number of transactions that can be carried out by these businesses daily.
SARB, on the other, has stated that customer security comes first. The bank has released a consultation paper stating that these regulations are necessary to provide financial security to crypto investors.
Africa is moving slowly but surely towards blockchain technology and cryptocurrencies. This was made evident when the African Standard Bank joined the Marco Polo Network.