Bitcoin Forum

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946 (https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946).

Aren't gonna say your opinion?. I haven't read the article but I think they would also like to embrace bitcoin just like in El Salvador where bitcoin is now a legal tender and people and businesses can now accept bitcoin as one of their payment method. Embracing bitcoin could also help their country in my opinion.

Many countries struggle with poverty, a quickly devaluing national currency & crime. Bitcoin will save them & make them prosperous, thriving countries. So many of the bad things in the world will be saved by adopting bitcoin. Bitcoin = No War. 

The minister is imploring Zimbabwean to embrace Bitcoin especially when remitting funds from abroad because of low cost and swiftness of transaction which I believe is a good advice, already there is hyper inflation in Zimbabwe thus there is the need for the citizens to adopt Bitcoin to cushion the effect of using worthless Zimbabwean dollar or they should follow El Salvador adoption of Bitcoin to help their citizens especially low income earners, thus it is up to their government to take a drastic step now.

I agree and I find it really bad that developed countries speak with so passion against Bitcoin trying to do everything in their power to keep their citizens away from it by making up all sort of stories.Zimbabwe reminds me of Venezuela a couple of years ago when people started to mine as the devaluation of the Venezuelan pezos hit the sky.This minister is trying to impact his citizens to do the same as many did in Venezuela some years ago.All the countries where devaluation of national currency against currencies like EUR or USD should immediately embrace Bitcoin.

Shouldn't be a surprise to anybody after the elsavador take on bitcoin It will likely begin to take effect on much more countries looking to sway away from the old economic system so that they can take advantage of the situation but still is kinda good new to crytpoland. I just hope those countries knows what they are doing

If Zimbabwe makes Bitcoin their official currency, while their economy is also very weak, I think Zimbabwe will have a bit of difficulty in the implementation process. Zimbabwe GDP 2019 based on world bank data USD21 bil, while their debt is around USD11 bil (2021) (https://www.france24.com/en/live-news/20210912-seeking-to-change-deadbeat-image-zimbabwe-pays-debt), would it be the right decision to do the same with El Salvador by giving away BTC for free using the money of a country that I think they need more for protect their country?

That's correct, El Salvador has become a model that a country could adopt on bitcoin without a problem. For poor countries, I think they should look at this possibility so they will not be anymore controlled by big countries, once they adopt bitcoin, there will be more open opportunity and certainly it will help them to improve their economy as long as their leader is capable of running a country and should be a pro-crypto as well.

I think that's the best option for Zimbabwe to try because their currency is heavily devalued and because of that reality Bitcoin will be the best option or one of the best alternatives to fight inflation if the people of Zimbabwe will use it as it was intended to be, Anyway I'm not familiar with the current Zimbabwe economic status that's why I'm just giving my opinion base on my limited knowledge about inflation.  

This is good news to the spread of Bitcoin and its awareness but I do not believe Zimbabwe will be brave enough to adopt the El Salvador method of going all in. Africa is a continent that fears to take up new challenges and Bitcoin is a new challenge. Adopting Bitcoin completely is not what I think they can do. If there are countries in Africa that can take that bold step it will not be Zimbabwe. May be South Africa or Nigeria.

I agree in most part. Zimbabwe still lacks the literacy on blockchain and crypto compared to the two countries you said. Nigeria has a lot of P2P transactions but their Government and central bank is still hostile. South Africa is the best bet since they are the most crypto friendly in all of Africa.

I also have the same thought like that. although many countries are trying to reject bitcoin, but I strongly believe that bitcoin can reduce poverty and unemployment there. I think the minister from Zimbabwe has done the right thing. there have been so many examples of people who have re-opened businesses because of using bitcoin, I'm pretty sure this is the solution to the economic problems there. After El Salvador, it would be better if Zimbabwe started embracing bitcoin. Furthermore, it is only necessary to provide education about crypto there, and also how to get and use it.

The steps they take to prepare themselves to live an increasingly advanced life in the cryptocurrency field, but need supervision from various parties from the country, if bitcoin is starting to be given space for people to invest, considering that not many people can invest in bitcoin, with price considerations buy which is very expensive and difficult to achieve.

There is a great opportunity for this country to develop in the future, if bitcoin starts to be discussed and becomes the attention of the government in its future progress, but there are many weaknesses that will be faced if only bitcoin is given access to make legal investments, considering the price of bitcoin is difficult to reach by the people. ordinary, but at least this country is preparing a good step in the future for its people.

The zimbabwe people's population is around 15 mils. but the internet coverage is only about 5 mils people which means only 1/3 of their citizens (source: google).
As we know connection to the internet is the most important part if we want to explore about cryptocurrency because there are a lot crypto transaction running through the internet. So i think if their goverment are embracing their people to bitcoin, they have to make sure they are providing a good speed and bigger coverage of internet and technology in their country first.

Bitcoin can play a vital role to help resuscitate economies with very weak currency. By embracing Bitcoin, the economy will have a yardstick on which to measure its currency and could help strengthen it.

The government have to understand the benefits and the risks associated with adopting Bitcoin which includes:
(1) Price Fluctuation.  In the short term the price of Bitcoin may not be easy to manage because of its volatility, but on the long term, with the fixed number  of Bitcoin, the value of Bitcoin will be rising, thereby making Bitcoin holders richer as it is not influenced by external government.
(2) Crypto currency knowledge. The main problems countries like Zimbabwe will have is adoption. How many of the citizens have access to internet and how many of the citizens know how to buy and sell crypto? The knowledge of crypto currency by the masses is key to the adoption. If the Government is serious, they can commence mass training of its citizens on how to buy/sell Bitcoin and generally cryptocurrency.

Countries that use the currency from some other nation as their legal tender should immediately consider granting the same status to Bitcoin. Because when a country like Zimbabwe is using a foreign currency like the US Dollar, it is actually benefitting the US government. If they use the South African Rand, then in the end it will benefit the South African government. So why can't they use Bitcoin instead? If there are any benefits, it will be distributed among the Zimbabweans themselves (rather than the foreign governments).

That will depend on how the government will react because not all of the people in the government will agree with the idea and maybe there will be a deniable from them. But if that way can benefit their people, the government should appreciate and try to allow their people to use bitcoin and start making money from it. Maybe it will help their people financially and if that happens, their country can solve the poverty problem. Maybe many things need to be set up before their country allows crypto to be used by their people.

Wondering what will be the effect of this t the crypto market as Zimbabwe is one of the most corrupt country in the world. and also what is the objective of their Minister in embracing bitcoin since we knew how politicians hates crypto for their own benefits .
1/3 have access to the internet so what will be the reason for this acceptance if happen?

or maybe they are trying to embrace and adopt for the future.

You'd think clean water, sanitation, a secure food supply and an end to conflicts along ethnic and geopolitical lines would be more important than expecting the populous to arm themselves with a stable internet connection for their cell phones to make crypto transactions would be a thing...

...but apparently it isn't.

If he really has the vision to help their country to improve and address poverty, then he should act accordingly and help them. Maybe embracing crypto is not the solution to this situation but I think this could contribute some and that fees deduction using crypto/Bitcoin is a big help for them. The implementation will be hard if that is also supported by the community.
However, with the situation where internet connection did not cover the entire country, that something will face a huge problem and that possible many couldn't still enjoy the benefit it gives to them.

It's just about urging and encouragement and I think there's nothing wrong with it. Although their country is also dealing with other important matters.

Just like the people in Venezuela that are surviving because of bitcoin or with crypto in general, this should also be a big help to them when their citizens become knowledgeable about it as an investment and if they learn how to effectively trade it.

Zimbabwe is in struggle to save their economy from its high inflation that has even increased this time. And maybe just like El Salvador who find bitcoin a solution to their problem, then probably it will not be surprising anymore if Zimbabwe will be the newest country to adopt bitcoin as a legal tender. The Prime Minister has been a pro crypto ever since so if he takes this chance to encourage citizens to accept and adopt crypto, then in less than a year or two, its country's economy will definitely recover.

What's the point of that? If there is a devaluation and hyperinflation of the national currency, how can bitcoin help? Wouldn't it be better for the citizens of such a country to exchange their money for a dollar, British pound, or euro? It is very doubtful that they will be able to freely buy bitcoin for the national currency. They will do a double exchange. Why do they need it?

Bitcoin will not be able to help the results of the devaluation and hyperinflation of fiat currency, but bitcoin can be a solution when conditions for fiat money do not run normally, but if there are no special rules governing the function of money specifically, it will be the same between bitcoin and fiat currency , even today the safest investment is gold, which actually has no impact on paper money or other money.

If I read this article it shows that the government there accepts bitcoin as a currency, thus the correlation between the government and Giving Zimbabweans access to a safe and secure service for transferring funds. This makes Zimbabwe the first country to officially allow Bitcoin to run and in the end, Zimbabwe's Bitcoin regulations can serve as an example for other African countries to embrace cryptocurrency.

This is a welcome development Zimbabwe as a country has witnessed an economic crisis for so long and Bitcoin adoption will help relieve the impact of hardship on the citizens. But again Zimbabwe is known for its high rate of corruption let just hope the corrupt politicians will not take advantage of the decentralized nature to launder money out of the country.

Of course this provides a solution for their country when Fiat does not provide any value if ti exchanged for US dollars. Zimbabwe has experienced the worst in world history. They had inflation, and printed large amounts of money, so that their money had no value. The presence of Bitcoin with limited supply will provide a solution in overcoming inflation. If they really implement this solution, then their country will rise in the next few years, even becoming the richest country.

It's not surprising because the fact that once no one will start to adopt bitcoin and showing a good results afterwards no one will do the same way as well. And that's what happening right now after El Salvador becomes successful to adopt bitcoin. Wherein many countries trying to embrace it.. For what? Of course to get the benefits that can be obtained from bitcoin.. So expect there will be more good new like these in the future.

El Salvador was a good example for Zimbabwe to start embracing bitcoin too because its probably the best solution for a falling economy and not to depend anymore from big countries. If they will follow the path of El Salvador, most likely their economy will recover too and thus stopping the high inflation rate that Zimbabwe is experiencing right now. Citizens might be facing a big confusion at first but if this minister can carry out properly the big change into the citizens, then everything will start smoothly for bitcoin.

This country has to be free, they don't need the help of big countries if they would like to be independent and that is by embracing bitcoin and crypto as a whole. If El Salvador were able to make it, I'm sure it's not impossible for Zimbabwe who is one of the poorest countries in the world.

I think there's more we can find in this list.

https://worldpopulationreview.com/country-rankings/poorest-countries-in-the-world

Yes, it is not surprising if they suddenly announce or there's a rumor that comes out that they'll also did what El Salvador has done.

They needed it and that's for them to beat inflation with a deflationary cryptocurrency which shall be really helpful to their citizens. Just as I've mentioned in Venezuela, it really did a lot of folks there.

To help the society in adapting cryptocurrency, I think this ideas will set fort amazing impact not just financial stability but also their confidence to face future. I was overwhelmed how their government promotes Bitcoin with an open mind approach without hesitation. Probably, there's a law maker on their state seen a huge advantage that crypto will also be a good alternative for a country to develop financially.

It is good that they are open to new technologies. Most of their citizens may not know the benefits that they can derive dealing with crypto, but with this statement from their Finance Minister, it will encourage them to check on crypto. Because most of the time, the Financial Officer of the country is the first one to contradict the use of bitcoin or crypto. With his endorsement, their citizens will not be scared of touching the crypto market and learn further about its true nature.

That will be just an ambitious attempt for them. They actually have the problem with their poverty and I think that was the first thing to address rather than getting into adopting crypto which I'm sure that only a few people could afford to invest and buy Bitcoin. Even buying a gadget for themselves is hard, how much more when it comes to investment. Maybe, if the government will shoulder everything they need but as what did to their countrymen, they are helpless.

I couldn't think this will come true and I don't think the government will work that hard just for the sake of helping their economy to grow because they want, they have started it a long time ago in the first place.

The political and economic turmoil that hit the country made bitcoin even more sought after, as people lost confidence in their local currency and financial institutions in the midst of political and economic turmoil. Bitcoin is a safe haven for people around the world who don't trust their governments

The government will think about that and maybe they already do that without their people knowing because they need to research before they regulate crypto in their country. It is normal if they do that because they can not fully control crypto and all they can do is just regulate the provider that will use crypto for the payment system. Somehow, if the government approves crypto, that can boost their people's finances so their people will have another option to make money and if that succeeds, their country can grow in the future.

Just read the news where the citizens spent about 90 million $ just for remittances payment, advising the citizens to embrace crypto is a good thing and it will cut off the fee and makes its easier for its citizens most especially when they are making use of btc and bsc or trx on their daily transaction it will reduce cost. But using the etheruem blockchain can cost them way much more than that per annual 

The same thing caught my attention! Who follows the news about El Salvador could notice a similar situation, many people who work abroad are sending money back to family... I saw in the news that +$5 billion dollars every year, so I guess they are spending a lot on fees too.

Well, $90 million is going in the bank's pockets instead of in people's pockets, the money they can spend around in their country! The minister probably thinks that fees would be lower with Bitcoin and more money will get into the country, nice argument if you ask me!
Of course, Zimbabwe is a poor country, and probably this is more for people who have someone who works in western countries, poor will stay poor, as always!

Not only zimbabwe i suppose but basically most of country was having an economic downturn lately, From my perspective that was because current pandemic and as you can see it was really affecting the global market but even though like that Some developing country especially Zimbabwe was hitted really hard and Government inivtiave to urge the people to use Bitcoin was really good.

Countries are waking up to embrace what Bitcoin has to offer, and the good thing about this is, the more citizens gets to know Bitcoin, the more they get closer to the crypto space and thus other altcoins and it won't take long for mass adoption to take place in that country since the government are urging their citizens to embrace it. El Salvador did theirs and it looked like it won't work but yet they have succeeded in leaving a lasting impression on the crypto space as well as a good pathway for other countries to follow up.
This is actually a very good news and soon we will be seeing more of such, because it is evident Bitcoin has come to stay and fighting or limiting users or citizens from accessing it will hardly work, but instead will increase their curiosity.

It is a good call for Zimbabwe's minister, it's not just about "hey folks, buy bitcoin and adopt it". It's not about that but he's concerned about the fees. Well, we should give importance to how much we're paying for the fees with remittances. Despite before the fees for bitcoin were too outrageous but now is the right time because the fees have dropped a lot and you only have to pay cents in able to transfer from hundreds to thousands and there's one transaction I've seen that was a billion transaction and paid only about $0.74 fee in bitcoin.

I think embracing Bitcoin will be a good idea since their economy is not that stable and strong. Bitcoin had made a lots of people rich and is going to do more for investors no who are interested in saving a little for there future. If the citizens of Zimbabwe can try as much and embrace Bitcoin I think things might turn around for better.

I have read this article and if the country accepts BTC then the list of countries will grow and user adoption and dependence on fiat will decrease.
some financial experts in every country would want faster transactions with low fees and transparent, current Bitcoin owners can easily exchange their assets to Fiat, I am waiting for many countries to accept BTC, this will make Satoshi Nakamoto's dream come true and if he is still here today, he will surely smile seeing many countries using BTC for payment transactions.

Just read through the article and the reason for that is because of the huge funds which the citizens are being charged for remittance payment within a year, which is very low. It will help them embrace crypto the more open ways for new projects and embracing it as a payment gateway will help the crypto industry at large. But they should always learn on how to make the right choice when choosing a payment gateway because most like that of eth the fee alone can be more that of the remittance charge.

Inflation that hit the country of Zimbabwe has been very severe.
I think the invitation of one of the ministers to adopt bitcoin in the country of zimbabwe is a wise offer and also a solution to improve the economy of his country. Besides that, with an invitation like that, the poverty of the people there is also decreasing

We often hear that Zimbabwe's economic condition is very bad at the moment. The steps taken by the Minister of Zimbabwe to invite citizens to accept payments with cryptocurrencies I think are appropriate to reduce the burden on their people.

The legalization of bitcoin will really help the citizens of Zimbabwe to save their savings, since inflation in the country has already reached 1000%. But this will not help the government, but on the contrary, it may reduce the income coming from financial institutions that previously replenished the country's budget.

I would have referred to Zimbabweans as having adopted bitcoin as their base currency rather than implying bitcoin was ever illegal and suddenly it's become a legitimate commodity in that it has been legalised (in the same way soft drug use is legalised in some countries after being illegal for decades).

We see one more country with a low level of life. We see that it is common to countries that are not sure about their native currencies to adopt Bitcoin as a means of payment. The Zimbabwean dollar is prone to hyperinflation, so there is nothing surprising that they are looking for alternatives. I am glad to see this.

I really believe in Bitcoin and hope that it will be accepted in many countries and companies.  8)

Zimbabwe still seems late to regulate the legalization of bitcoin because of the lowest currency conditions due to very high hyperinflation, at first I thought that Zimbabwe would be the main country to legalize bitcoin as a legal currency but until now there has been no decision that leads to alternative bitcoin as legal currency.

For many years, the population of all countries of the African continent has been using cryptocurrencies for internal and external transfers, as well as a store of value and accumulation due to the weakness of their own national currencies.

Zimbabwe is an economic downturn that has long been caused by economic colonization by an enemy country, so the government has taken the initiative to develop or urge citizens to accept Bitcoin as an alternative way to revive its economy back to its heyday, and that is also a sign that crypto currency is also good for growth. Economic growth with the permission of the government also helps in developing crypto technology

Indeed It should have been so for poor and developing countries to move forward, once elsavador took bitcoin It's likely to come into effect in more countries who want to move away from the old economic system so that they can take advantage of the situation, Bitcoin will save them and make them prosper.

The president should be telling citizens to embrace DeFi like Celo Ubeswap or NEAR Ref Finance. You don't get APY with Bitcoin, it just sits there and you have to hope someone else buys it for a higher price. You can farm on Celo and NEAR and earn a high APY.

Interesting article. I wonder if the country still has problems with the massive inflation I read about it in the past... If it does, then citizens reasons for resorting to Bitcoin is a good one. But I hope it's used in a way they protects and helps their national currency.

There is NO crime associated with countries adopting other currencies, particularly those in emerging and underdeveloped economies, but because the value benefits citizens, why not invest in bitcoin so that people gain immensely from this currency?  Countries may embrace bitcoin without difficulty.

It also should be mentioned that governments who utilize the money of another country as their medium of exchange should explore granting Bitcoin the same status. So why can't they just use Bitcoin? If any benefits are available, they will be dispersed among Zimbabweans rather than foreigners.

This is the type of positive news the crypto community should always receive, I like this minister because he can already sense crypto will be beneficial for the citizens of Zimbabwe, am sure in near future they won't have any problem legalising it, China should learn from this instead of creating fake ban news all the time.

And guess what? This will just be for words as this is impossible to happen in real life.
I say this because it was really hard to make it to this place. Zimbabwe is one of the poorest countries in the world and a lot of issues need for them to address more prior to urging people to embrace Bitcoin. 

With that state of life and the people who are living there, I can't imagine how they could understand this nor they will think of this as an opportunity. I simply draw a conclusion and I say that it was not the time for this stuff. They should have to improve their status first prior to this adoption.

It wouldn't be easy but if they have a good government, maybe the government could help to educate people with a high poverty rate. Nothing is impossible dude, hopefully, the poorest countries will learn how to innovate and adapt with bitcoin as it's their chance to improve their country, but as I said, they need to have a good government first.

It is such a shame that this is happening once again at Zimbabwe, they had already went through hyperinflation and this was solved at the time by adopting other fiat currencies and letting go of their own currency, but then the government wanted to once again have the monopoly to print as much money as they wanted and guess what? They got exactly the same results as they did before.

And now people are desperate once again because the money that they have in their pockets is losing value at an amazing speed and they have to find a way to protect themselves, and it seems that bitcoin is going to be the best choice to do that because anyone that chooses to use a fiat currency during the next decade is probably going to be burned as well, because there is a real chance now that the system will collapse during that time.

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

Of course, the policies of state leaders must be supported by staff who directly carry out work so that it can run as the government might want. because changing habits quickly requires the cooperation and hard work of all parties.

agree, but it is necessary to know and understand crypto but even better it is assisted by special staff who are already experienced in crypto so that what is done can fulfill what is the goal. agree that using crypto definitely cuts down on all the usual costs conventionally to more advanced things. the impact is also more pronounced because of the savings in time and costs that can be reduced, obviously this will be profitable in the long run.

A huge number to save, they can use it to on projects to improve their country, so legalizing bitcoin could really help. It's not really a risk to regulate bitcoin as long as they have a set of laws that would make sure that the exchanges are regulated and monitored to comply with the standard monetary policies, especially on the anti-money laundering law.

why didn't zimbabwe just adopt bitcoin like el salvador? is their bureaucracy there complicated?

bitcoin is the unifier of the world, poor countries will be free from difficulties if they adopt bitcoin.

That's right, by transferring via cryptocurrency, the costs incurred so far can be greatly reduced.

Looks like Zimbabwe is influenced by El Salvador declaring Bitcoin as a legal tender, and I think they are potentially going to follow suit as well like Paraguay. However, I am not sure if they are also going to make Bitcoin as a legal tender, or they are just simply embracing Bitcoin that’s all.

If it’s one way that would improve the country’s economy, then they should be going for it. I’m happy for them for being pro-Bitcoin.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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

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.

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.

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.

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.

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 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.

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.

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.

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.