Topic: Zimbabwe Bans All Cryptocurrency Activity (Read 593 times)
We know that in recent years Zimbabwe is experiencing a monetary crisis. Therefore, I think the Zimbabwean government is trying to do so to prevent its citizens from losses.
Yes, you are right. People are always able to buy and sell bitcoin. They can trade it peer to peer. But some governments are trying to make it difficult for the people specially when they want to convert bitcoin to their national money or their national money to bitcoin.
Any way, governments cannot stop people completely.
Governments can't do anything if the exchange has been made in the form of p2p. You don't convert your bitcoin to fiat, you exchange them. It would be hard to figure out how the exchanges happened for a normal bank. Only thing is that banks can't deal with those who offer crypto services. Any way, governments cannot stop people completely.
If a small and big country banned Bitcoin, then it must be a sad news for Bitcoin. Zimbabwe has banned all types of cryptosity activity, so it is not good news for Bitcoin. But I think it will not have any effect on Bitcoin. The number of people who work in bitcoin or invest in these small countries is very few. But I think that because of why they banned it, they will soon give legal legalization to use it.
It's not at all a good love and not in the favour crypto world. The more such bans are happening the more credibility is being lost and also people are unable to believe about crypto currencies. Still I would only say that the regulatories have to become little liberal and explain it the complete picture for attaining clarity.
FIrst of all Zimbabwae is way too small and troubled enough to create any impact on the world trading of BTC. Second , it is effected by hyperflation something which most of the world will face in the coming time which will lead to the ,ass adoption of BTC. There will be only true universsal currency and that will be BTC. I hope govt realize the importance and cancel the memo for the growth and survival of the country.
If so, then it is not a good sign or news for the industry. I hope their govt re-consider the situation and accept it. Even if there is any barrier, they can try to resolve it.
A small country like Zimbabwe banning Bitcoin doesn't matters much. But countries like Zimbabwe are the ones who are in need of cryptocurrencies the most due to their high inflation rates. Also bitcoin is a decentralized currency and banning it wont help the governments as the people can still buy and sell it for cash.
The good thing is it is only an issued circular of the central bank, which unlike a law is more easier to be change or even remove in enforcement. But what comes to my mind is another misleading headline and mostly part of the article. These businesses they are talking about are financial institutions most famously known as banks, they are only prohibiting this banks to have transactions to businesses that involve cryptocurrencies, what their government is trying to avoid is that this banks will also suffer the consequences of volatility of cryptocurrencies if they participated, and other illegal doings brought by the nature of the cryptocurrencies. If I am someone higher up in the government I would quickly cancel this memorandum if I have the ability to do so, this is something we need to avoid as it is hindering the growth of the country.
this is not a citizen /private business ban.. calm down
People don't understand the meaning of ban here. You can buy and sell cryptocurrencies, via P2P exchange. You can trade them, hodl them and do anything under legal jurisdictions. If banks continue to deal with crypto related businesses, they would have to face consequences. And crypto business cannot function in that country anymore. That's what ban means. Yes, you are right. People are always able to buy and sell bitcoin. They can trade it peer to peer. But some governments are trying to make it difficult for the people specially when they want to convert bitcoin to their national money or their national money to bitcoin.
Any way, governments cannot stop people completely.
Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.
Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
zimbabwe central bank and the elite arround it are basically the countries owners, and they live of the population that is forced to work for the "zimbabwe" dollar,
This is bad news, bad news for Bitcoin and Cryptocurrency as well as bad news for industrial progress and people playing Cryptoxurrency in Zimbabwean country. hopefully this does not subvert the spirit of the people there to continue to hunt Bitcoin. and this will not happen again in another country, Just come to this Zimbabwe alone.
Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.
Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
This is just a notification letter to the bank not to transact with any other than FIAT, whether it sells Cryptocurrency, vegetable, building material, or even strollers is not allowed. The ban of Cryptocurrency usage doesn’t apply to the public or any business they have which means it won’t affect the value of Bitcoin unless there are many fools are affected with the FUD.Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
This is very bad news, and Zimbabwe should not have to behave like that, because crypto currency can be used in Zimbabwean finances that are having problems with their currency.
After reading this article this seems to be as true as it sounds.
This is unfortunate for the crypto market as it removes a number of potential people that could have used crypto.
However, it is not entirely our loss (as a market), as cryptos and blockchains continue to grow rapidly they will see the benefits as other countries take it on.
This will lead them to eventually realize that it was the wrong decision to do so.
Is it true news.... Nor it is scam. Zimbabwe 🇿🇼 has a great impact or contribution in bitcoin but Zimbabwe reduce its contribution, then it creates a simple hamper in bitcoin.
It has zero of both !!!
I don't know why government start their military against Bitcoin. Previously China had ban bitcoin and then South Korea. Later they announced going to regulate the bitcoin.Now Zimbabwe start their action against bitcoin.This may be unexpected one for the people in Zimbabwe. Here after they are forced to use bitcoin as asset only.
China hasn't banned Bitcoin just went after exchnges. South Korea hasn't done either of them, they've just banned ICOs.
from which region is zimbabwe?
Really? Are you seriously asking this?
Well, it's not only happening and Zimbabwe but it is happening all over the world recently Indian Central Bank has instructed the banking sector to stop providing services to the exchanges involved in cryptocurrencies.
Two 3rd world countries is not "all over the world", and nobody gives a damn what India and Zimbabwe do.
Usually people look at what countries where citizens have running water and toilets do, nobody follows failed countries
Well this just shows that another government feels threatened by the power of the blockchain. They are only strengthening our movement without realizing it.
Zimbabwe’s central bank has stopped local banks from trading or processing payments linked to cryptocurrencies , but stopped short of banning local cryptocurrency trading exchanges.In the southern African nation, those who trade in bitcoin say it offers rare protection as their bank deposits lose value almost by the day while others use it to fund family members studying abroad or purchase goods online.
they should have reconsidered as they're having a lasting hyperinflation and this is likely one way to solve all of this
yes, i agree with you, the country is in hyperinflation and likely bitcoin comes for the rescue, and they ban?? seriously??
from which region is zimbabwe?
I don't know how true is this information but to say Zimbabwe as a third world country banning bitcoin/cryptocurrency transactions will have little or no effect on the crypto market since their as a country can add nothing to the crypto network. But to me crypto will help grow their crippling economy and help they citizens to have a second source of income and currency.
I don't know why government start their military against Bitcoin. Previously China had ban bitcoin and then South Korea. Later they announced going to regulate the bitcoin.Now Zimbabwe start their action against bitcoin.This may be unexpected one for the people in Zimbabwe. Here after they are forced to use bitcoin as asset only.
Putting a ban on the crypto exchanges will not severely impact the dealings in bitcoin because remember crypo is peer to peer without having to use any banks or financial institution what will be affected is the exchange aspect which isn't an un jumpable hurdle.This a decision that is ill advised though because what you will now find is that people will create unofficial markets to deal with the exchange and this practice is what is unsafe will put people's money at risk and might even breed criminality.
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