Topic: Zimbabwe Central Bank Currency Coming (Read 81 times)

I don't see why there are not Companies making Currencies, that is kind of what it is for. That's why the Anarcho-Capitalists liked Bitcoin, because it's like a Pioneering Thing.

I don't understand this part which is how effective the central bank currency will be in a country like Zimbabwe where 54% of its population does not have a bank account. My understanding is that this will be a failed attempt by the government and it will be a waste of money. Nigeria, Jamaica, and the Bahamas government have done their due research and understood that it will not work, so they have not gone ahead. Even many countries in Europe are not thinking in that direction as they do not have such volumes of transactions to implement CBDC.

For some Reason I hadn't even seen that Nigeria, Jamaica and the Bahamas had made a Digital Currency connected to their Currencies, it seems that they are making Stable Coins, which is a Good Start, but they are not putting them for Trade on the Market. Nigeria may be Wondering why the eNaira did not Boost their Economy and the Reason is this. Look at IBM, the Computer Company from the United States, they made a Blockchain with Dan and Ned, from Open Ledger Fabric Technology, the same type of Blockchain that Steemit uses, but the IBM Blockchain does not Trade on the Market. They have NFTs on their Blockchains and it is Diamonds or Fish, and a Diamond is Represented by an NFT and the NFT can have a Different Value and Data than all the Other Diamond NFTs. So maybe You would want to Hire IBM to put Your Diamonds on their Blockchain, but they don't make Money on the Blockchain and the Currency, Other than People Paying them to set this up for their Diamonds and Fish.

The Central Bank Currencies could put Diamonds and Fish on their Blockchains, but again, unless the People of Nigeria or Zimbabwe are coming together to Pay for their Government to do it, or somehow General Electric and Exxon are Forced, or made to want to use the National Blockchains to do this, then there is no Money in it. There has to be someone Purchasing it, so GE and Exxon could make it Work if they were Paying the State to get it made. But what You want to do is like USDT, not all that Other Business, unless that is important to Your People. USDT is a Stable Coin that is between like $0.90 and $1.10 at all Times, and this is kept this way by Pools of People Providing Liquidity, and a Giant Pool that Started it off and is Probably there still behind it.

The USDT Model is what the National Stable Coin would want to do. It is similar to the USD in Value, and that is Kept that way by "Buy, Buy, Buy" and "Sell, Sell, Sell".

So that is Really how to make these Currencies Work. That way People would be putting them into DeFi and Things, if I could Stake a eNaira or ZiG (Zimbabwe Gold), then it would get me Other Coins, and it would be more Valuable itself.

But something Good about this, and I think that these Countries do Recognize this. You can Accept Payments in the E-Currency, so instead of asking for say a "Tip" which is what it is, You could just Teach Everyone how this Works and Start Providing Your Wallet Address. I might Share My Wallet for example, just because I am Writing about it and I am going to make a Wallet and Show Everyone how it Works. And if I get Paid some amount of the Currency, then now I have some eNaira, but all I can do with it is Buy something from Nigeria, or Donate it to someone in Nigeria, or Cash Out for USD. It would be Better if there were Options for Holders, even if it had a Proof of Stake (PoS) Mechanism itself and didn't need DeFi. I am Reading that these Blockchains are the same as Bitcoin and Things, so I wonder why no one has made it where it Works like a Cryptocurrency yet.

I will Write more in this Thread to kind of Help Everyone understand all of this.