Bitcoin is Legal But Not Tender in Multi-Currency Zimbabwe

[Chronobank]

How legal and useful is Bitcoin in Zimbabwe, the country which has been faced with a difficult economic situation for decades?

The South African country has some issues with its currency that has almost brought it to its knees. It has found it extremely difficult to move ahead with the plan to revive the economy.

Bitcoin is not illegal

According to Simbarashe Machiridza, who is the compliance officer at Bitfinance, a Bitcoin exchange that serves users across Africa, Bitcoin use is legal in Zimbabwe but it is not a legal tender, that is “... Although it’s not against the law to have Bitcoins in your possession, no one is legally obliged to accept Bitcoins as payment for a debt, goods or services. In other words, you can’t force anyone to accept your payment if you are paying in Bitcoins.”

Zimbabwe has been touted to be a ripe destination for Bitcoin. But so much has changed for the country in the last five to 10 years and the situation seems to be worsening. The Zimbabwean dollar denominations rose to have a 100 trillion dollar bill to become the note with the most zeroes of any legal tender in recorded history. The bills, which still auctions on eBay, circulated for a few months in 2009 when the country experienced one of the toughest hyperinflation in history with $1 changing for trillions of Zimdollar.

https://cointelegraph.com/news/bitcoin-is-legal-but-not-tender-in-multi-currency-zimbabwe

[Yakamoto]

Zimbabwe has no idea what it's doing anymore they want all white people to get out, they're suffering constantly from bad government decisions and their currency, current economy, and future economy looks like it is going into the toilet. Bitcoin being legal means nothing coming from Zimbabwe, and chances are they're trying to justify their pathetic attempt at a decent economy by aiming to get as many people as possible importing things of value (in this case Bitcoin).

[amacar2]

In other words, you can’t force anyone to accept your payment if you are paying in Bitcoins.

So basically this means you can actively trade bitcoin or pay to merchants who like to take bitcoin payments which can be enough for them to start adopting bitcoin as payment system. I think most of the developing countries as well as african countries still have low literacy level making most of the citizens unknown to new ways to store their wealth. So proper education about financial systems, bitcoin included from INGO, NGO and government level can be beneficial to all these countries economy.

[Kprawn]

Bitcoin cannot thrive in a country where they have a 90+ year old dictator backed by a corrupt government. Mugabe has been driving that

country into the ground. South Africa is carrying most of the burden with millions of illegal aliens from Zimbabwe walking over the border

and taking most of the jobs in South Africa. The South African government accept them with open arms, even though they cannot afford to

feed most of them. This is a good example where bad political decisions are killing a countries economy. I was in South Africa last year,

and most of the people there complain about politicians ruining the country. South Africa seems to warm up to Bitcoin, which will count in

their favour, but Zimbabwe are unfortunately past the point, where Bitcoin will make a difference.