Zimbabwe’s announcement about the use of Crypto.

Salvodor1982

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Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.

India’s government has claimed it has no plans to use Petro to buy oil from Venezuela as India’s central bank has forbidden trading in Cryptocurrencies. The United States has also banned the Petro, and companies doing business with Venezuela could get into trouble with the law if they conduct deals that involve Petro trading. The days still look dark for Venezuela in my opinion.

Aerilaya

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Quote from: Risoria on May 24, 2018, 04:01:37 AM

Cryptocurrencies have the potential to change some of the world’s poorest countries for the better so why has Zimbabwe’s central bank announced that the use of Cyptocurrency is not allowed in the country? I’ve heard this and don’t completely understand the notion behind it.

Hey I am not sure if you heard that the High Court of Zimbabwe has lifted up the ban of Cryptocurrency. This is a victory for the Crypto Community let's celebrate Grin

High Court of Zimbabwe lifted the ban: http://bitcoinist.com/high-court-zimbabwe-lifts-regulators-cryptocurrency-ban/

T.Perry123

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Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.

Who would give a vote of confidence to a bank that hasn’t even been able to maintain public confidence in the traditional currency? Since the Cryptocurrency is “the way around restrictions”, it violates sanctions put in place last August? Critics predict that the Petro could become a shitcoin should Maduro be forced out of power. The Petro would collapse, holders of the coins would be unable to exchange them as it would likely be declared illegitimate by a new government. With corrupt Venezuelan officials, nothing about the election was free or fair. Venezuela has fallen to a dictator, (is this not why they refer to it as a warlord coin?) Can you really see improvements for an economy with a fraudulent president?

PeterCarlos

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its not the first nor last that would take such decisions to end the crypto trend in its nations.. but that would not help in increasing values to its local bank accounts.

Thogjold

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Quote from: aleksej996 on May 24, 2018, 12:16:09 PM

Quote from: Risoria on May 24, 2018, 04:01:37 AM

Cryptocurrencies have the potential to change some of the world’s poorest countries for the better so why has Zimbabwe’s central bank announced that the use of Cyptocurrency is not allowed in the country? I’ve heard this and don’t completely understand the notion behind it.

Because it is a central bank. Bitcoin literally takes away the entire job of central banks.
Their job is mostly to print money and figure out how much to print.
If you use Bitcoin, there is no printing of money, practically no inflation.
Governments don't like that, they want to be able to tax people in a covert way with inflation.

I guess Zimbabwe's central bank got scared that people will entirely switch to Bitcoin and take away all of their power.
They probably got scarred that people are losing faith in the central bank.

I am not familiar with this however, I am simply stating a reason why governments and central banks in general don't like Bitcoin.
It takes away their hard-gained power.

Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.

Risoria

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Quote from: aleksej996 on May 24, 2018, 12:16:09 PM

Quote from: Risoria on May 24, 2018, 04:01:37 AM

Cryptocurrencies have the potential to change some of the world’s poorest countries for the better so why has Zimbabwe’s central bank announced that the use of Cyptocurrency is not allowed in the country? I’ve heard this and don’t completely understand the notion behind it.

Because it is a central bank. Bitcoin literally takes away the entire job of central banks.
Their job is mostly to print money and figure out how much to print.
If you use Bitcoin, there is no printing of money, practically no inflation.
Governments don't like that, they want to be able to tax people in a covert way with inflation.

I guess Zimbabwe's central bank got scared that people will entirely switch to Bitcoin and take away all of their power.
They probably got scarred that people are losing faith in the central bank.

I am not familiar with this however, I am simply stating a reason why governments and central banks in general don't like Bitcoin.
It takes away their hard-gained power.

Thank you for the information. That was where my mind was going.

aleksej996

sr. member

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Do not trust the government

Quote from: Risoria on May 24, 2018, 04:01:37 AM

Cryptocurrencies have the potential to change some of the world’s poorest countries for the better so why has Zimbabwe’s central bank announced that the use of Cyptocurrency is not allowed in the country? I’ve heard this and don’t completely understand the notion behind it.

Because it is a central bank. Bitcoin literally takes away the entire job of central banks.
Their job is mostly to print money and figure out how much to print.
If you use Bitcoin, there is no printing of money, practically no inflation.
Governments don't like that, they want to be able to tax people in a covert way with inflation.

I guess Zimbabwe's central bank got scared that people will entirely switch to Bitcoin and take away all of their power.
They probably got scarred that people are losing faith in the central bank.

I am not familiar with this however, I am simply stating a reason why governments and central banks in general don't like Bitcoin.
It takes away their hard-gained power.

Thogjold

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Activity: 13

Merit: 0

The Reserve Bank of Zimbabwe has launched a research and development program in order to evaluate the risks associated to the use of Cryptocurrencies. The use of Bitcoin in the country will not be allowed until the central bank implements a framework of regulations regarding the digital currencies. So once they realize how beneficial Crypto can actually be to their economy maybe they'll actually encourage the use of Bitcoin since they don't really have a currency of their own.

Risoria

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Cryptocurrencies have the potential to change some of the world’s poorest countries for the better so why has Zimbabwe’s central bank announced that the use of Cyptocurrency is not allowed in the country? I’ve heard this and don’t completely understand the notion behind it.

Topic: Zimbabwe’s announcement about the use of Crypto. (Read 147 times)