Topic: Zambian Central Bank Declares Bitcoin Is Not Legal Tender (Read 418 times)
This is just a warning and is good news really. Trading is not banned and if it isn't legal tender then they shouldn't apply the same taxes on it.
Nothing will happen to in the world crypto market. Zambian people do not use BTC for paying taxes and for the transaction it means BTC isn't banned in Zambia. So only Zambian people will face trouble to use BTC for making payment, it's a small nation small GDP nothing serious for the entire crypto nation.
I'm not saying this wasn't really even worth mentioning... but actually it probably really was not even worth a mention at all considering it will have perhaps 0.000000001% influence with the CC market as a whole.
you are wrong because you are missing the purpose of this post
the purpose of this "mention" was so that OP could get some clicks on his link which is leading to his own website. as people visit and increase the traffic he can make more money from the ads on his crappy website. so i say this was worth "mentioning" here... since OP has gotten at least 1 or 2 clicks ....
The Zambian government has prohibited to use bitcoin for tender which means its people won't use bitcoin for paying taxes, transaction and for any other payment. But it doesn't mean they banned bitcoin whatever its government did it won't impact on the global crypto market.
Zambia's central bank is worried about the existence of bitcoin, this also happens in other countries that are less able to accept bitcoin but do not forbid people to invest in bitcoin. Surely all risks will be borne by the community itself.
Nothing serious has done by Zambian government which won't affect the crypto world. It's a small nation with a small population so they do not adopt a huge amount of bitcoin. They won't accept BTC for paying government fees but haven't banned BTC. The problem will face only its people to the transaction but won't be globally affected.
I will be worried if some countries in Europe and America will declare Bitcoin is illegal but country like Zambia then i think there is nothing to worry about because this country don't have power to influence the other countries and beside most of us don't know that this country exist maybe they are pride nation that don't want to be influence by the foreign culture that is why they declared Bitcoin is illegal.
I have heard this news and I feel it is just a warning for us to enter this market. Bitcoin is not secure but it is public and removes many things that banks do not
Any decisions proclamed by Zambia will never affect crypto market as its GDP is so small that does not impact the world
Banks are supposed to be checking everyone and prevent fraud, but the problem is that there's nobody to check the banks, so they have more power and possibilities to commit terrible financial crimes than some crypto holders.
Regulators are positioned to watch over what banks do and if they conduct fair business or not, but it's not happening, or at least not frequent enough, which is what the main problem is.On the other hand, do regulators really want to watch over banks? It's far more profitable for governments to have banks mess up badly, where they are later massively fined for their illicit activities. I think this is actually the case.
Banks see it as a game they some times lose but mostly win. It's the same with trading actually, as long as you settle more winning than losing trades you are doing well. The fines they occasionally cough up is collateral damage.
I'm not saying this wasn't really even worth mentioning... but actually it probably really was not even worth a mention at all considering it will have perhaps 0.000000001% influence with the CC market as a whole.
This is just another example of a government covering it's rear end by warning it's citizens of the risks attached to bitcoin and other crypto. It would be more surprising if a government was to come out and say "listen citizens, this bitcoin/crypto looks great, so go for it" As with anything new to do with finance, governments are cautious.
Do you really believe what the article has said? Just like what the others have said that OP's article is just a copy paste kind of thing and not judging that he is misleading people I really think that they really want to spread fire to the community and would like the price of bitcoin to move on a decreasing motion again, I really think I have seen the real article that CNN had posted and really think that it is now normal for a bank to issue illegality over Cryptocurrencies because bank thinks that it will just cause fraudulent things in the market and would never think of it as a great thing for the economy.
This is just another example of a government covering it's rear end by warning it's citizens of the risks attached to bitcoin and other crypto. It would be more surprising if a government was to come out and say "listen citizens, this bitcoin/crypto looks great, so go for it" As with anything new to do with finance, governments are cautious.
"legal tender" refers to the national controlled currency of tax, fines, treasury,public service funding...
it does not mean other currencies are illegal. it just means the government wont be printing/minting/hoarding it. they wont use that currency for its treasury/public services.
it does not mean other currencies are illegal. it just means the government wont be printing/minting/hoarding it. they wont use that currency for its treasury/public services.
Absolutely spot on, those two words stood out in the thread title "legal tender"
Since when do we really care if any country declares what we know is the stance?
why do some people think bitcoin and any other unregulated and decentralised
currency would ever be recognised as legal tender?
Zambia used to show promises in terms of their economy back in 2010-2012, but I suppose the country is not reallly developing now, so banning btc is a very bad thing. Cryptos could really be a way for African continent to become strong as the old banking system fails and if their will try to run after what's getting ruined, they will not be able to become strong players.
It's the duty of every government to protect it's citizens against fraud, scam, theft, money laundering etc, the bitcoin and other crptocurrencies have had their undoubted immense contributions to individuals,but the bad and realistic part of it is how frequent it's been used for fraudulent activities..
Oh, please. Sure, a lot of people say that, but is it really justified to accuse cryptos of helping money laundering after what happened in Brazil a couple of years ago? Is it fair after the Danske bank scandal in which a lot of major banks are now being accused of laundering billions of dollars? Banks are supposed to be checking everyone and prevent fraud, but the problem is that there's nobody to check the banks, so they have more power and possibilities to commit terrible financial crimes than some crypto holders.
They didn't ban Bitcoin but warned people not to involve with Bitcoin. Most of the central banks of the countries treat Bitcoin as illegal tender.
really? do they think their decision will affect the cryptocurrency industry globally? I do not think so. not intended to be disparaging, but they are as third world countries, even if they prohibit the use of bitcoin, they will not have a significant effect on this industry as a whole. they were just scared without any clear rationale, or I even doubted, that this news was only made up to bring down the crypto market, who knows
This is not the first country to take action to limit the activity of bitcoins, in other countries such as China or India have done so. This proves that the development of bitcoin is so great that governments have to be cautious and try to stop it.
Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.
It's not going to affect anything because they didn't really do anything. It just means that Bitcoin and other alts aren't officially recognized as a legal form of payment, which is the exact same situation in most of the world ever since their inception. They're simply taking a hands-off approach in cases of losses.
This isn't FUD, and nor is it headline-worthy, but I don't mind them clarifying their stance on the issue. Clarification is always good. I don't know why some people consider this as an attack.
Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.
The only one that will be affected is the Zambian crypto enthusiast. However, as the article has stated, do it at your own risk. As if telling their people who wont' back you up in case someone stole crypto from you or scam you. If those Zambians knows how to protect themselves then I'm sure they're willing to take that risk because they know that bitcoin is a new revolution. Of course they're also aware of the potential for make huge profit out of the market so its worth a risk, just saying.nowhere else the banks would protect you if you get scammed whether it is in cryptocurrency world or elsewhere. banks aren't there to protect people from scammers when they put their money somewhere unsafe. the banks are only there to make profit from the transactions you make.
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