African country adopts Bitcoin as primary currency - page 5.

OROBTC

legendary

Activity: 2940

Merit: 1865

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

A quick Google search of the below terms yields no countries in Africa about to officially adopt Bitcoin:

"Africa, country, adopts, Bitcoin"

https://www.google.com/search?q=Africa%2C+country%2C+adopts%2C+Bitcoin&oq=Africa%2C+country%2C+adopts%2C+Bitcoin&aqs=chrome..69i57.9620j0j7&sourceid=chrome&ie=UTF-8

Nigeria and Uganda are talking about it, but...

ModGirl

sr. member

Activity: 602

Merit: 250

If they have heard about the benefits of bitcoin then it is not strange as any entity which hear about the importance of bitcoin adopt it but the problem is that many areas of Africa do not have much facility especially the facilities of internet and electricity so they will face some hardship in the start while using it.

coupable

hero member

Activity: 2338

Merit: 757

Sorry, but this is a little bit ridicule. am living in an african coutry which is considered more developped than Uganda + the 80 percent of african countries and i can tell you that this is impossible for our government or any other government to adopt bitcoin as official currency. i think this is even impossible for advanced countries in the world. there is a lot of obstacles as the large number of ignorant people and all the international financial treatements and many other dilemmas. Any african member in this forum can confirm what am talking about.

I imagine there is no Ugandian subscriber in bitcointalk.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

Quote from: audaciousbeing on May 07, 2017, 04:56:52 PM

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Since its still a rumour as you have rightly connoted, then I will take it as such. But the argument that it does not make sense at all is where I will like to address and the fact is that it does not need to make sense to you because I am sure that for a country to adopt bitcoin, they must have done proper analysis and understanding of how the currency works before embarking on such venture. Don't know rich the human content of the Ugandan government but I know a proper understanding and consultation would have been adequately done.

I do think it does not make sense too if some country will adopt it promptly without proper documentation, legalization and proposals. Probably there is a proposals but unless there is a link to the article/news that telling about this adoption then, I believe this is just a hearsay thing. Though, if this thing is true, then this is one great milestone for Bitcoin.

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Since its still a rumour as you have rightly connoted, then I will take it as such. But the argument that it does not make sense at all is where I will like to address and the fact is that it does not need to make sense to you because I am sure that for a country to adopt bitcoin, they must have done proper analysis and understanding of how the currency works before embarking on such venture. Don't know rich the human content of the Ugandan government but I know a proper understanding and consultation would have been adequately done.

merchantofzeny

sr. member

Activity: 1036

Merit: 279

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Any clearer information on what country is it? I'm not sure if that would be a good idea for a still developing country. I mean, the price of bitcoin can change quite quickly, how are they going to adjust for that?

Bitcoin being recognized as a legal tender alongside the official fiat would be a better setup in the meantime, I suppose.

DustyRah

sr. member

Activity: 533

Merit: 251

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Topic: African country adopts Bitcoin as primary currency - page 5. (Read 3751 times)