Topic: Zimbabwe minister urges citizens to embrace Bitcoin (Read 416 times)

It is something positive that we can imagine for Bitcoin and cryptocurrency in general but I want the full context of as to why the minister said that. He is not the congress or the president. He is a minister that has limited political clout and influence and even if he mentioned a positive thing for crypto, we do not have any assurance that their country will adopt the cryptocurrency anytime soon. They do have economic issues right now and that would be a trigger for a friendly tango with crypto by their government.

Many developing countries will do the same thing because there's a lot of opportunities in Bitcoin and they can really become more profitable if they adopt Bitcoin.
Though, in El Salvador people are still hesitant to spend it, that's why their government creates many incentives to encourage their people to spend it than to save it. The increase on price with Bitcoin right now can encourage more to adopt because its not too late for them to do so.

One of the results on what El Salvador did. It did really open the eyes of other countries to accept bitcoin or crypto despite of being decentralized and now they are slowly recognizing it and Its good that

Zimbabwe minister did really have those kind of considerations and hopefully we would see the same things in the future as well even though not as a whole because there would be governments
who would look negatively most of the time.

It would take some time but we are actually heading there.

Zimbabwe makes Bitcoin their official currency, while their economy is also very weak, I think Zimbabwe will have a little difficulty in the implementation process. Because Zimbabwe their budget is only 21 billion but now because they owed up to 11 billion very difficult numbers for Vietnam to develop BTC. but it seems that this will help them somewhat improve as El Salvador recently they officially accepted BTC as a payment method and things seem to improve a little bit before, hopefully those This change will help Zimbabwe to recover and thrive in the cryptocurrency industry.

We might see more of this kind of adoption going forward, it's nice that El Salvador started it and the next countries that would follow are those countries that are struggling or a 3rd world country. As El Salvador has become their model, they will see the result if it's positive then they will adopt as well.

If the government wants to help their people, they should make something that has not been done before, who knows it would change their economy for the better and that is legalizing bitcoin in their country.

Zimbabwe is another country that is trying to interact with bitcoin and this is very good for all market participants.
In El Salvador bitcoin shows a good result of interaction with the population and i hope other countries will also begin to accept this experience for themselves.

Yes, bro, I agree with you, because I think that by inviting the people of the Zimbabwean minister to use bitcoin it will have a very good impact for them, besides their country and society, they will also develop economically, and the people of Zimbabwe will also find it easier to secure money too.  assets using bitcoins.

After having revolutionary adoption in El Salvador now many countries feeling in this way. Because this will bring some better change and transparency in their corrupt system. Zimbabwe minister done very good announcement because just because of this they will be able to have some good number of business in their country now if they want some good result from this need of time is give education about crypto in their country because currently its must if you want better results of this adoption.

Now Government must allow peoples to do business in bitcoin and use this freely because this can solve poverty and good way of bringing more investment in their country which is currently facing some serious problems.

I would say that making this type of attention into crypto is more of a third world country deal. El Salvador and Zimbabwe has one thing in common which is the fact that their fiat currency is not that strong. So, that means if people are interested in crypto and make a good profit from it, then it would mean that we could see those nations recover economically with people making decent profit from crypto and bringing that money into their nation as well.

It could be from taxes, it could be from them spending that extra income inside their nation or it could be anything else really as long as money goes into a nation. So, crypto is basically savior for all these small nations.

I personally come from one of those poor nations and it has helped me immensely and our government supports it, even takes a lot less tax from it then most other incomes to get crypto more popular, it really works for many people, probably close to a million people, it is a very good idea if done correctly.

Zimbabwe is one of those countries whose financial system is so chaotic that their currency is constantly eroding in value.  And in my opinion, a step forward if they want to adopt bitcoin as a legal tender.  Because it will more or less make their financial system more transparent, so they can reduce the irregularities that occur that cause their economic collapse

it takes time for the people to adjust even though the government has made it easy, because it is not easy for all people in developing countries to be able to adapt to the recognized development of bitcoin, because many adjustments must be made from manual to digital exchanges.

but it is clear that in the future there will be very much benefit, for the country of elsavador by being willing to accept bitcoin as a recognized medium of exchange. what is clear is that the movement of transactions will be easier and faster and there will be costs that can be saved compared to manual.

although the effect will take time because it is clear that all citizens still have to adjust first and will still continue to use conventional methods, it still takes time and is not instant, but this is something that is very much appreciated that elsavador has dared to start.

always every change then the first is that the leadership and staff want to try to convince the people first. rules are made so that there is no abuse that might be done by people who already understand and know about bitcoin.

the government must always educate by continuing to provide information that ensures that with bitcoin it will be easier and actually profitable in every transaction made. if you can trade manually, keep going and together first so that there can be adjustments.

First El Salvador and now Zimbabwe, soon the whole world. It is amazing how those poor countries are embracing bitcoin while the west watches and China which is the second biggest economy in the world bans it. It is time for the poorest people on earth to make the right choice for once. The poor and the rich will switch their roles soon.

It is common sense. If they use USD or ZAR, then the expats who send remittance payments back to Zimbabwe need to spend anywhere from 7% to 10% as fee with Western Union or Moneygram. However, with Bitcoin, this fee may get reduced to 0.1% or 0.2%. That is a 50x reduction in fee. Considering the poverty level in Zimbabwe, the usage of Bitcoin can go a long way in helping people attain self-sufficiency. In El Salvador, I heard that already a majority of the remittance payments are being sent using Bitcoin.

That is also what I've thought. May this create an opportunity for them but I don't know if this could attract interest knowing that they are facing an economic crisis. What I think is for their minister to address corruption first and then change the system this seems it build strong adoption but if they don't, this will never works. In fact, develop countries has been in the hard time urging their people to adoption, how much more for this country.

Bitcoin adoption can bring goodness in any country if peeps start earning with crypto and bring money into the country in the form of BTC. However, the problem with countries like Zimbabwe and other developing nations it's not advisable to go into stuff like this. It's ridiculous because they failed the fiat economic build up and got stuck into inflations all the time. This led to debts like you mentioned one amounting to around 11 bln. That's huge for a country and if they fail with the BTC with proper tax encouragement then it could lead to more debts for sure. So yeah that's gonna hit hard to them. I am sure their government must have thought this through and obviously they have to keep trying to become part of new trend and improvise the economic situation.

I haven't thought Bitcoin to be the world's deliverance of all conditions affecting the world like a chronic disease, if so zimbabwe or anything under developed countries government adopts Bitcoin/crypto-currency I don't think their economy/poverty level will change if the government don't end corrupt practices/embezzlement, Bitcoin won't end that, I have adopted crypto-currency personally, but I don't think I will be better financially if I don't work, digital asset isn't going to make the world prosperous if all the decadence of the world continues.

We all know that the country Fiat currency is useless without stability. Embracing bitcoin would really help the country and it citizens from poverty. Bitcoin had made many investors reach and I know that what makes the minister to inform his people is to prevent them from further detriment there country currency might bring.

They could use a localized version of the Chivo wallet and declare Bitcoin as legal tender in Zimbabwe. Anyway, Zimbabwe doesn't have a national currency ever since the Zimbabwean Dollar was withdrawn from circulation in 2009-15. Now South African Rand and the US Dollar serves the purpose of national currency. Using the national currency of another country can never be beneficial, and therefore it makes sense to replace these currencies with a decentralized one like Bitcoin. As the minister stated, for the first phase they can implement Bitcoin adoption on remittance payments.

Zimbabwe faced serious monetary issues in the past, inflating their native currency to even force them to print denominations for trillions of Zimbabwean currency. The show of support from Zimbabwe's minister could be a sign that they are embracing the much more secure and sustainable bitcoin and cryptocurrency usage compared to their inferior fiat currency. This could change in the future, but it is good to see that a notable figure of a sizable country like Zimbabwe is admitting support of Bitcoin. Could be, could be a mix of all other factors that affected Zimbabwe's economy in the past few years. It is quite exhilarating to know about this and I hope that Zimbabwe and Bitcoin stay close for the years to come. Although we all know that this may change in the future, hopefully for the better. Otherwise this will be one of the biggest switcheroos in the cryptocurrency space that people will talk about for months on end.

In fact, I believe that many leaders in developed and developing countries already know what crypto is, it is not even impossible that they may also have investments in it. because crypto is clearly already widely known and very profitable.

but those who want to take action and admit it, of course, need courage from the leadership of the head of state first. then all the elements that have been helping in the government to participate. It is certain that the government makes the rules so that it can be enforced by the government. We should appreciate what the state leadership has done, because it can ensure that all elements are willing to support it.

it would be amazing if there really is a savings from what has been done conventionally, $90M is certainly not a small value and certainly can be allocated to other needs. especially during a pandemic like this, it is clear that the government needs additional funds and some of it can already be added from bitcoin transactions.

but it is clear that apart from these transactions, it is certain that many things can be saved and facilitated by the government, especially by the people, by being able to accept bitcoin as a legal and recognized means of payment.

I agree, it's a pretty big value for a developing country to save, but with the government having recognized bitcoin as a legal tender, it's certain that there will be positive and negative impacts. so there is a need for regulations / rules that can prevent the use of bitcoin from being misused. because we know bitcoin has nothing to control and run, bitcoin moves naturally from every transaction.

With government regulations, it will be able to narrow down people who will commit acts that are not commendable with the right rules and in accordance with what the government wants. there are always those who will do the negative but surely they will be able to do the best.