Bitcoin Forum

Zimbabwe: Crypto is a Criminal's Best Friend, the 'Social Engineering' Effect

The Reserve Bank of Zimbabwe (RBZ) has been ordering financial institutions such as banks to exit and stop any forthcoming relationships with virtual currency exchanges and to continue to liquidate and restitute already existing account balances.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/zimbabwe-crypto-is-criminals-best-friend-social-engineering-effect/

https://coinidol.com/upload/resize_cache/iblock/606/900_900_1/606a36a6e01a7a1ae31cfe1f8304d7df.png

The African market is one of the most active. First of all, because against the background of national currencies, and social problems, the crypto currency looks much more reliable, even in such a bear market. The population will in any case use it, and will find thousands of loopholes, and sooner or later the financial sphere will return to them again. Will watch

Well this is funny. Zimbabwe, a country who drove their fiat currency into the ground by over inflating it is complaining about a decentralized currency.

Besides, fiat is actually a criminal's best friend. I can guarantee you that most criminals just use bitcoin as a way to get more cash. They earn bitcoin then just cash it out to their countries fiat. This is just fud at the end the end of the day or very least just pure ignorance.

The time will come, someday Zimbabwe will join the crypto currency. While such a negative position of individual countries regarding the crypto currency should be treated calmly. Zimbabwe has always been among the top five countries where it has been banned for circulation of the crypto currency. When practically all states of the world legalize the crypto currency, there will be a turn of such states. For all your time.

Any source for this hilarious claim?
The African market is so tiny and the environment lacks almost everything, a few trades worth tens of BTC isn't an active market.
By the way, in all of Zimbabwe, there isn't a single full node up and running ...


By the time Zimbabwe does this, I'll probably watch this from above....

What people there should to first is to elect some who are not total idiots and put them in charge of running the country.

Also, I don't understand this fixation of the crappiest countries in the world accepting and integrating coins.

The internet was pioneered in the western world, cars were first sold there, smartphones too...you don't start the adoption of a revolutionary idea in the worst possible economic environment.
For years people have always tried to find the next place where currency will boom...it was Cyprus, Greece, Zimbabwe, Venezuela, Turkey and yet none of them come even close to the level of adoption and usage in the in the EU and US.Probably is not cool enough to talk about Spain or Portugal, you have to bring headlines from Somalia and Burkina Faso.

this is expected from the Zimbabwean government where there is a dictatorship that lasts for years, if I remember the Presidential elections of weeks ago only showed how Zimbabwe and all African countries have bigt problems with democracy, do not respect their people, do not give freedom to its people and the elections of Zimbabwe showed mainly as the police, the army and the judiciary system is controlled by the political party that are in power, in Africa decentralized Coins will not be accepted, that is because of the political parties of africa which are impeding development with its disgusting corruption and policies that only benefit them.


We are talking about African, African governments control everything, they keep their people on observation, the African has no freedom.

Of course they do. Otherwise, what is the point of using bitcoin? I believe that most criminals do not care about bitcoin, they just use it to get cash and cover what they really need in life. In the past, when the bitcoin was not that valuable, criminals use it as a payment method through the darknet. For example, buying drugs, weapons, and so on. But now, bitcoin has become a trend. Everyone is using it, not just criminals. So, these news are nothing but to demote bitcoin.

It's funny that they say that. Even ironically, as their national currency, the Zimbabwean dollar, has failed miserably in the last decade or so, while the population of Zimbabwe suffered severe economic hardship brought by this disaster of a government.

All the while, bitcoin held its value much better than the Zimbabwean dollar, even in its worst bear markets.

It's crazy that even today, when bitcoin's reputation has been mostly cleared up, there are completely baseless accusations from governments and individuals about criminality and bitcoin. The majority of bitcoin users are law abiding citizens. And the majority of bitcoins in circulation is used for completely legitimate and lawful uses. Just because some people choose to use bitcoin for illegal purposes, doesn't mean that bitcoin is a fault, nor is it a valid reason to banish bitcoin and bitcoin businesses altogether.

How funny that the biggest criminal in that country is the government. They ordered a land grab <stole> people's land and chased them out of the country and with the resent elections several people were killed and the election results were rigged to keep them in power.  :o

Now they want to point fingers at a technology that would empower their people to retain the value of their crippled currency and also a technology that would give them financial freedom. Mugabe is gone and the next dictator just took his place on the throne.  ::)

It's quite simple. If you held bitcoin since 2008 you would have not only held the majority of your wealth without needing to worry about inflation at all, you'd also be sitting on a nice stash of profits. Same goes in the future as well.

In the meanwhile, the Zimbabwean dollar issued by Mugabe and the Zimbabwean government has been suffering from hyperinflation and just overall depreciation of its currency on a massive scale. I mean, just look at their 100 trillion notes. Absurd.

So tell me how exactly bitcoin is this bad guy that Zimbabwe is trying to make it out to be. Before they criticise bitcoin (which is completely undeserved), take a look at their own fiat's riduculous track record.