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Author Topic: [2016-11-24]Tendai Biti:“Zimbabwe Should Adopt Bitcoin As The National Currency"  (Read 559 times)
WishICanTurnBackTime
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November 24, 2016, 02:11:14 PM
 #1

Tendai Biti: “Zimbabwe Should Adopt Bitcoin As The National Currency”

Zimbabwe is a country that has gone through several financial crises already. Every time such an event takes place, there is someone to solve the problem. The last person to do so is Tendai Biti, who now has a radical plan to save the country’s economy. Rather than introducing new denominated bills, he feels Bitcoin may hold the answer to every problem. A rather unconventional turn of events, but an intriguing thought process nonetheless.
Solving the economic crisis in Zimbabwe will not be an easy task by any means. The country is running out of cash, due to a shortage of US Dollars. Banks deal with long queues of people looking to withdraw funds. Most of these people are unsuccessful in their efforts, only making problems worse than before.
Enterprises in the country find it difficult to import stock, further collapsing the economy. Property renters can barely pay their landlords, which will eventually lead to people losing their housing. Moreover, the government can’t even process salaries on time right now, and it will only get worse from here on out.

http://www.newsbtc.com/2016/11/24/tendai-biti-zimbabwe-adopt-bitcoin-national-currency/
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November 24, 2016, 08:07:30 PM
 #2

Wow! I didn't know things had gotten to that extent over there, bitcoin should be able to reduce the high dollar demand but then most foreign goods are not sold in btc Undecided

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November 25, 2016, 02:58:52 PM
 #3

People don't realize as well how the US Federal Reserve rates effect this as well.

Right now if the fed comes and raises the interest rate, that has an effect on Zimbabwe because it will make the cost of borrowing for them go up making dollars more expensive.

Dollars are not cheap, and forcing countries to pay back their debts in it is like making a country that has no oil pay their debts in oil.

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November 25, 2016, 08:04:42 PM
 #4

Zimbabwe does not need a new currency, it needs a new government. Mugabe and his corrupt government have fucked up that country and

chased away the people who helped them build it. He also sold his natural resources to the Chinese and now his people are suffering while his

wife is doing shopping in Paris. I worked in many countries in Africa for my company, and I have not seen poverty like that anywhere in the

world. They need a government that would make the decisions that would change the lives of their citizens... not creating wealth for a few

individuals. It's a damn shame.... they leave a legacy of corruption and poverty for their people and they force this onto their people with

violence.  Angry

Signature space available for your Ads :-.>
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November 25, 2016, 08:10:13 PM
 #5

Zimbabwe does not need a new currency, it needs a new government. Mugabe and his corrupt government have fucked up that country and

chased away the people who helped them build it. He also sold his natural resources to the Chinese and now his people are suffering while his

wife is doing shopping in Paris. I worked in many countries in Africa for my company, and I have not seen poverty like that anywhere in the

world. They need a government that would make the decisions that would change the lives of their citizens... not creating wealth for a few

individuals. It's a damn shame.... they leave a legacy of corruption and poverty for their people and they force this onto their people with

violence.  Angry

I agree with you on this.

One currency will replace another. However I feel like with a public blockchain type of currency, it will reduce corruption.

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November 26, 2016, 01:14:31 AM
 #6

While I love the idea of Bitcoin accepted as first national currency and I think it is the best solution they could come up with.
I am concerned if they are ready for Bitcoin. I learned from Wikipedia that approximately 40 percent (5.2 million) of Zimbabwe's population were internet users as of January 2014.
So roughly speaking bitcoin would be available for less than half of the Zimbabwean population. I  think this is not enough.


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November 26, 2016, 12:40:28 PM
 #7

Mugabe plans on being a life president and probably hand over to his son who will continue the tyranny but people like that usually end up getting assassinated.
Democracy will reach those parts of the world soon.
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November 26, 2016, 03:05:24 PM
 #8

Mugabe plans on being a life president and probably hand over to his son who will continue the tyranny...

Unfortunately, the neighboring countries do not get involved in the problems of Zimbabwe, I live in Mozambique, a country bordering Zimbabwe, I have seen many people flee from Zimbabwe to live in my country and in the neighboring countries like Southern Africa.


Quote from: Tendai Biti
Zimbabwe Should Adopt Bitcoin As The National Currency

It would be a failure. Many countries of South Africa are ruled by corrupt leaders who only intend to exploit the natural resources of their countries for their own benefit. I doubt those corrupt leaders would accept bitcoin. Why would they give the people a technology that would allow them to develop? Developing the people means ending the power of the corrupt and the corrupt do not want to lose their power.

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November 26, 2016, 04:06:13 PM
 #9

Mugabe plans on being a life president and probably hand over to his son who will continue the tyranny but people like that usually end up getting assassinated.
Democracy will reach those parts of the world soon.

I really hope so. Many of the democratic countries in Africa are starting to do very well and embracing better technology!

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November 28, 2016, 11:18:26 AM
 #10

Mugabe plans on being a life president and probably hand over to his son who will continue the tyranny but people like that usually end up getting assassinated.
Democracy will reach those parts of the world soon.

This will just go on and on, because the voters still vote for him and the elections are rigged and the officials are corrupt. Those corrupt officials and his army backing him, will not get a salary soon, and then things will go down quickly. No paper promises will help them out of that situation.

I feel sorry for the people, but not for the people who caused it. ^grrrrrr^

https://zimnews.net/zim-bond-notes-latest-news-monday-today-tomorrow-picture/  

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