African regulators warn cryptocurrencies may not be legitimate

Silberman

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Quote from: Vishnu.Reang on July 09, 2021, 12:07:41 AM

Quote from: geegaw on July 08, 2021, 11:11:16 AM

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

I am fine if the government ask the citizens to pay taxes on time. They also need funds for their functioning, and therefore I can understand their argument. But dictating which asset we should invest and which ones we should not is going a bit too far. It is not possible in democratic countries to impose such restrictions. We are investing in cryptocurrency with our hard earned money (that too after the tax deduction) and not with government funds. Time has come to say a big STFU to regimes that doesn't value personal liberty.

They do so with the excuse that they are protecting the public from themselves, and while it can be argued that sometimes they have a point I disagree with the way they go about it, also it is fair to consider if it is correct to pay taxes to a government that is so corrupt, after all you are aiding them on their misdeeds against their citizens, which is why they are so against bitcoin since governments are seeing that some may use bitcoin to not pay their due taxes and they will suffer because of it.

Vatimins

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Welp, just another day in the world. Humans will be humans, driven by greed and self love. Things like truth twisting with the use of the media is not new nor can give me any sort of surprise anymore. Clearly, the people who are behind such false news that makes bitcoin look bad has ulterior motives And trust me, it isn't for the greater good of the people but for the greater good of their own pockets. Regardless of the methods and benefits, all leads to the fact that they just care about themselves and it doesn't matter what others are experiencing so long as their pockets are well stuffed and luxurious lifestyles satisfied. Disgusting bastards.

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Quote from: jaberwock on July 08, 2021, 03:37:45 PM

Quote from: Gozie51 on July 07, 2021, 07:47:01 AM

Quote from: Hydrogen on June 28, 2021, 05:56:48 PM

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

Unfortunately it is not even about Africa anymore, I mean not the continent. I understand that that land is not as profitable as other places in the world, farming is harder in most places, rain is not there, water is not available and many other bad stuff about Africa that made Africa into what it is today and that is understandable.

However how they are right now is not just because of that, technology is improved enough that if one nation in Africa that is horrible and people are dying of starvation and lack of water suddenly got 100 billion dollars, they could technically speaking turn that into an amazing city, it is all possible. However if you gave that nation 100 billion dollars I am sure at least 90 billion would go to government officials and politicians and that is the only reason they are still doing bad. As long as corruption doesn't end, poverty will not end.

Corruption is by far their biggest problem, after all even if what you said is true and food production is way harder there it is not as if they do not have natural resources to exploit, the continent is full of valuable resources like diamonds, rare metals and exotic fauna just to name a few, however all of that money plus the aid they receive ends up on the bank accounts of the politicians, and when that is the case it does not matter how rich a country could be its people will live in abject poverty.

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Quote from: bryant.coleman on July 08, 2021, 08:43:07 AM

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

I suppose more people than not care what regulators say, that's why it's always big news when they comment on something. Also, they didn't ban anything; they issued a warning to be careful. No reasonable person has a problem with a regulator telling people to be careful and exercise caution about something but ultimately leaves it up to the individual to make their own decisions.

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African politics are very complex, because it is mixed with tribalism and a strong history of corruption and a victim mentality that will blame all their mistakes on "Colonial" influences. Roll Eyes

The dictators also make sure that the majority of the people will not get proper education, because people with higher education will think for themselves and they will not vote for a dictator. (It is easier to influence people that are illiterate and not educated)

Zimbabwe is a perfect example where Robert Mugabe and his circle of friends, ruled with a iron fist and blamed all their failures on the West, while his wife was shopping in some of the most expensive shops in London and Paris. Roll Eyes

No currency will solve the problems of African countries, where dictators are accepted and where corruption is a way of life. (I know, because I regularly work in African countries and we have to pay bribes to get things done)

lixer

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Quote from: Hydrogen on June 28, 2021, 05:56:48 PM

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

I think the main issue with countries in Africa is them having corrupt leaders. When a leader is corrupt, what good exactly will he or she be to the society? And it gets worse because most of the people in power are corrupt and there is no one to stand and challenge them on the wrong things that they are doing.

People are afraid and they are just dying in silent. I think for these countries to be great again, they will have to start with their leaders and tackle corruption, or maybe if they happen to have a good leader that is ready to bring an end to corruption. I don’t know how possible any of these could be.

Vishnu.Reang

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Quote from: geegaw on July 08, 2021, 11:11:16 AM

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

I am fine if the government ask the citizens to pay taxes on time. They also need funds for their functioning, and therefore I can understand their argument. But dictating which asset we should invest and which ones we should not is going a bit too far. It is not possible in democratic countries to impose such restrictions. We are investing in cryptocurrency with our hard earned money (that too after the tax deduction) and not with government funds. Time has come to say a big STFU to regimes that doesn't value personal liberty.

jaberwock

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Quote from: Gozie51 on July 07, 2021, 07:47:01 AM

Quote from: Hydrogen on June 28, 2021, 05:56:48 PM

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

Unfortunately it is not even about Africa anymore, I mean not the continent. I understand that that land is not as profitable as other places in the world, farming is harder in most places, rain is not there, water is not available and many other bad stuff about Africa that made Africa into what it is today and that is understandable.

However how they are right now is not just because of that, technology is improved enough that if one nation in Africa that is horrible and people are dying of starvation and lack of water suddenly got 100 billion dollars, they could technically speaking turn that into an amazing city, it is all possible. However if you gave that nation 100 billion dollars I am sure at least 90 billion would go to government officials and politicians and that is the only reason they are still doing bad. As long as corruption doesn't end, poverty will not end.

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Quote from: iv4n on July 07, 2021, 02:02:57 PM

It's how it goes, they first warn people, then they regulate it and take money from that (tax it)! It's what regulation is! Of course, regulations mean that you are "safe", and in the case, something goes wrong your government "can" protect you! But is it really like that? I believe yes in some well-arranged countries, but in most parts of the world, it's not like that.
I think that here (because we know what crypto is) most of us believe that this world needs to change! And governments, their laws/rules/regulations must be changed! If we want to see a better tomorrow for all! If not, things will continue to be as they are... look around and you will understand what I wish to say!

Besides that regulations that come from institutions of the government that are known to be corrupt are always going to be under suspicion, bitcoin is already one of the most powerful currencies around the world and it is probably more influential than any currency that exists currently in that continent, who do we believe? Bitcoin and the mountain of evidence that supports it or the regulators that say it may not be legitimate? And the answer to that question should be obvious for anyone that has been in this market long enough.

RokokGudangGaram

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Quote from: geegaw on July 08, 2021, 11:11:16 AM

Quote from: bryant.coleman on July 08, 2021, 08:43:07 AM

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

It is not surprising if people are not that confident anymore with the judgment of government regulators, considering that political anomalies are spontaneously happening in every corner possible. I, myself, have doubts if regulators are just concerned or making up statements and judgment based on what could benefit them more. In these contemporary times, the humanity must be well aware of the rights and privileges we have, as such to use internet, technologies and choose to invest in crypto.

geegaw

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Quote from: bryant.coleman on July 08, 2021, 08:43:07 AM

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

bryant.coleman

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Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

Dread Pirate Roberts

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Plus there is news of exchange hacks from local exchange services in their country (africa). its make more strong regulator's statement. It must be admitted that ensuring a state institution for new things to be adapted in their country is not an easy thing, in fact this also happened in my country.
in my country allowing storing and making investment assets with some specific crypto and strictly prohibits completely as payments.

iv4n

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It's how it goes, they first warn people, then they regulate it and take money from that (tax it)! It's what regulation is! Of course, regulations mean that you are "safe", and in the case, something goes wrong your government "can" protect you! But is it really like that? I believe yes in some well-arranged countries, but in most parts of the world, it's not like that.
I think that here (because we know what crypto is) most of us believe that this world needs to change! And governments, their laws/rules/regulations must be changed! If we want to see a better tomorrow for all! If not, things will continue to be as they are... look around and you will understand what I wish to say!

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Quote from: Hydrogen on June 28, 2021, 05:56:48 PM

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

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Quote from: ultrloa on July 02, 2021, 05:48:20 PM

Quote from: Silberman on July 02, 2021, 03:46:46 PM

Quote from: beerlover on June 29, 2021, 04:04:19 PM

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

Well we have rights to vote so if we can see a politician who didn't do their job then it's time for us to eliminate on election Day. We must not tolerate what they do since if they will remain on their set for sure there will be no progress happen on our country. Also for sure they don't want to abandon fiat but I also think they will always go with the flow and go with something's if they can find beneficial to them but for now they can't see it on cryptocurrency since they can't find ways to corrupt it.

While voting for politicians willing to support bitcoin seems like a good idea the truth is that the number of those politicians is quite low and then we need to remember that while there are countries with a strong democratic tradition and that have used this medium to select those that will have the power for centuries there are many countries in which this is not the case and corruption and fraud still run rampant and as such this option is not really available to the people of those countries.

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Quote from: avikz on July 01, 2021, 09:03:33 AM

Well, let's not generalize Africa. It's not a country, rather it's a continent. South Africa is an African country who are friendly towards crypto. There are definitely some countries shown negative attitude towards crypto, but that does not define Africa as a whole. I know Zimbabwe is facing hyperinflation, but crypto isn't going to help there as it didn't do for Venezuela.

It's all about mindset. Most of the African countries are poor today because of European expansionist mentality. It wouldn't be incorrect to say that Europe's extreme wealth is mainly stolen from Africa and India. Then their fascist rulers made it even worse.

I don't think that European's expansionist mentality is the only reason why some of the countries in Africa are among the poorest, I think a bigger reason than Africa's past is it's variety of tribes and I think that sometimes it's one the biggest reasons for many civil wars and genocides in the continent, if you are from a different tribe then you are being discriminated. Bitcoin can help the continent but they have to first realize that no matter how different their tribes are, they are still the same people of one country.

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Quote from: Silberman on July 02, 2021, 03:46:46 PM

Quote from: beerlover on June 29, 2021, 04:04:19 PM

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

Well we have rights to vote so if we can see a politician who didn't do their job then it's time for us to eliminate on election Day. We must not tolerate what they do since if they will remain on their set for sure there will be no progress happen on our country. Also for sure they don't want to abandon fiat but I also think they will always go with the flow and go with something's if they can find beneficial to them but for now they can't see it on cryptocurrency since they can't find ways to corrupt it.

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Quote from: beerlover on June 29, 2021, 04:04:19 PM

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

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Quote from: AndySt on June 30, 2021, 05:53:28 PM

Quote from: GeorgeJohn on June 30, 2021, 06:17:53 AM

Quote from: beerlover on June 29, 2021, 04:04:19 PM

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best,

I don't think that should be the major reason while they dislike cryptocurrency, especially bitcoin, my opinion I viewed that may likely caused some countries to disregard crypto is because of politicians more especially government, because government are seeing crypto as a source whereby politicians will use for money laundry, because investing via crypto or buying crypto and hold is another method of politicians to can use to embezzle funds, so that's only factor I seen that maybe the reason while africans disregard bitcoin from my own perspective and couple with other countries.

Ignoring cryptocurrencies by states or mass media is not the worst thing, it is much worse when it comes to bans on exposing cryptocurrencies only in a negative light. Undoubtedly, cryptocurrencies have their own disadvantages and features that may not suit the state authorities of any state, including less control over the turnover than for fiat currencies, but this is not a reason for the introduction of total bans. You just need to decide what bitcoin is considered and how it is regulated in each individual country and, starting from this, monitor compliance with the rules of the game. Undoubtedly, cryptocurrencies, and in particular bitcoin, if used correctly, can benefit both citizens and the entire economy of the state.

Negative statements about cryptocurrency will periodically appear on the part of states and their various bodies, and this should be treated more calmly. In general, cryptocurrency as an alternative means of payment, not subject to inflation, will always irritate governments. Therefore, it can legalize cryptocurrency, but it is unlikely to actively support it. We need to pay attention to specific facts, not general negative statements about cryptocurrency. They will appear periodically, and the cryptocurrency, despite this, will need to develop and grow all the same.

Topic: African regulators warn cryptocurrencies may not be legitimate (Read 382 times)