[2015-12-22] Kenya: Virtual Currency Bitcoin, Bitpesa Rejected in Kenya

botany

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Quote from: Jimbola3 on January 04, 2016, 05:43:10 AM

Quote from: botany on December 23, 2015, 10:56:33 AM

Argentina is not a striking example of government's competence.
If Bitcoin succeeds in Argentina, it is largely due to the government screwing up monetary policy.

Argentia government is very competent in extracting the wealth from middle class and poor people through inflation.

Until now, the people didn't have Bitcoin.
The Argentinian government will do well and not screw up again - its capital controls and fixed exchange rate won't work when Bitcoin is around.

Jimbola3

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Quote from: botany on December 23, 2015, 10:56:33 AM

Argentina is not a striking example of government's competence.
If Bitcoin succeeds in Argentina, it is largely due to the government screwing up monetary policy.

Argentia government is very competent in extracting the wealth from middle class and poor people through inflation.

botany

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Activity: 1582

Merit: 1064

Quote from: Denker on December 23, 2015, 06:31:11 AM

Quote from: Jimbola3 on December 23, 2015, 03:59:52 AM

Bitcoin is not legal tender, but it is legal to use bitcoin. We need regulations in many countries to protect bitcoin users.

For that to happen you need people with influence, power and the right connections in politics.Something which isn't easy for Bitcoiners.
In Argentina for instance this might be possible soon.
https://news.bitcoin.com/argentinas-new-president-might-just-bitcoin-supporter/

Argentina is not a striking example of government's competence.
If Bitcoin succeeds in Argentina, it is largely due to the government screwing up monetary policy.

Denker

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Quote from: Jimbola3 on December 23, 2015, 03:59:52 AM

Bitcoin is not legal tender, but it is legal to use bitcoin. We need regulations in many countries to protect bitcoin users.

For that to happen you need people with influence, power and the right connections in politics.Something which isn't easy for Bitcoiners.
In Argentina for instance this might be possible soon.
https://news.bitcoin.com/argentinas-new-president-might-just-bitcoin-supporter/

Quote

The good news is that the new president has already revealed his support for Bitcoin-related activities. Indeed, while he was mayor of Buenos Aires, his administration organized the First Bitcoin Forum, in July 2015.

It is reassuring to know that the new Argentine president already has a relationship with Bitcoin. In effect, the First Bitcoin Forum in Argentina was organized by the government of the city of Buenos Aires, in July 2015, when Mr. Macri was the mayor of Buenos Aires. The Bitcoin Forum’s venue was the auditorium of the Buenos Aires city hall. Mr. Macri’s then-Minister of Modernization of the Government of Buenos Aires, Andrés Ibarra, gave the Bitcoin Forum’s opening speech.

Let's hope for the best!

Kprawn

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Bitpesa will not take this lying down.... The Kenyan government just favor M-Pesa over Bitcoin, because it gives them total control. They can access all information directly to each

cellphone log on the service provider side, and can track financial information with ease. Bitcoin does not offer them that option and they fear the new unknown technology.

They can also shut down M-Pesa and take control over funds, like they want... So money in these centralized services are not safe. Bitcoin = Freedom Wink

Jimbola3

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Bitcoin is not legal tender, but it is legal to use bitcoin. We need regulations in many countries to protect bitcoin users.

Proxiebuier

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so Bitpesa no closed ? or Bitpesa company now still running bitcoin service ?

i think the real problem is regulation.

Blawpaw

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It would be expected this to happen! Since they have leapfrog from one technology to another and already have Bitpesa, it's normal that they would prefer to use bitpesa infrastructure rather than using bitcoin!

btc-buzz

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No government can stop its people from using bitcoin. Grin

even if they consider it as illegal people will use it because it is the cheapest way to transfer money from country to another

botany

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Quote from: a7mos on December 22, 2015, 10:16:43 AM

Kenya: Virtual Currency Bitcoin, Bitpesa Rejected in Kenya

Lately, the uptake of virtual currency has suffered a setback in East Africa with the Central Bank of Kenya (CBK) issuing an outright rejection and caution to citizens against using virtual currencies like Bitcoin.

In a statement, CBK maintains Bitcoin and other virtual currencies are not legal tender because they are not issued or guaranteed by any government.

http://allafrica.com/stories/201512220946.html

I doubt if any country would classify Bitcoin as legal tender. That is a position which would continue to be held only by fiat.
That said, as long as the use of bitcoin is not explicitly made illegal, I see no harm in people continuing to use it.

a7mos

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Kenya: Virtual Currency Bitcoin, Bitpesa Rejected in Kenya

Lately, the uptake of virtual currency has suffered a setback in East Africa with the Central Bank of Kenya (CBK) issuing an outright rejection and caution to citizens against using virtual currencies like Bitcoin.

In a statement, CBK maintains Bitcoin and other virtual currencies are not legal tender because they are not issued or guaranteed by any government.

http://allafrica.com/stories/201512220946.html

Topic: [2015-12-22] Kenya: Virtual Currency Bitcoin, Bitpesa Rejected in Kenya (Read 607 times)