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Author Topic: African country adopts Bitcoin as primary currency  (Read 3179 times)
ekoice
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May 09, 2017, 08:28:22 AM
 #41

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

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May 09, 2017, 01:27:59 PM
 #42

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

1.Uganda would be the first african country to regulate Bitcoin

Source?

2.If it regulates,it would be followed by kenya

Source , why?

3.In nigeria,due to failure of local currency,most people have started using bitcoins
Source ?

Show me a business with at least 10 customers a day paying in bitcoins in whole Africa please.



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May 09, 2017, 05:17:24 PM
 #43

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

This rumor has been going around the internet late last year. Its nothing to celebrate about. If a nation were to adopt Bitcoin for real then they would have to accept BTC payments for their taxes. If that doesnt happen, everything will stay the same no matter how you say its accepted

It seems that we are soon going to find out more about Ugandan bitcoins (in addition to Nigerian letters)

Apart from that, I basically agree with your approach, since accepting something as legal tender for payment of taxes and public debts is the least common denominator of what a genuine adoption by government should look like. That said, I am still somewhat doubtful that even accepting Bitcoin for payment of taxes and debts would make it an "official" currency. As to me, official currency would be that currency which is not only used for paying taxes and similar obligatory payments but also the one in which salaries of public employees are paid. I guess that would push much stronger toward official (read real and genuine) acceptance and adoption

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May 09, 2017, 05:35:27 PM
 #44

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

I guess if that happen, it will become an additional edge and points again to all bitcoin fanatic to promote it as well to our friends in any place of the world. and besides Uganda is the first place in Africa that will adopt the system of bitcoin. Wink

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May 09, 2017, 05:48:21 PM
 #45

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!


I am sure, this is rumor only and not a fact! Uganda doesn’t have the infrastructure to adopt bitcoin as its official currency. They may adopt bitcoin for transactions but not surely as an official currency. Because they don’t have any control over it and they can’t generate bitcoin as per the requirement of their economy.

Not just Africa, I am sure no country would use bitcoin as an official currency. They can just accept bitcoin for their transaction by making it legal in their country. 

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May 09, 2017, 06:33:49 PM
 #46

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!


I am sure, this is rumor only and not a fact! Uganda doesn’t have the infrastructure to adopt bitcoin as its official currency. They may adopt bitcoin for transactions but not surely as an official currency. Because they don’t have any control over it and they can’t generate bitcoin as per the requirement of their economy.

Not just Africa, I am sure no country would use bitcoin as an official currency. They can just accept bitcoin for their transaction by making it legal in their country. 



This is probably the problem for all poor countries. Even if they'd greatly benefit from that, they don't have the means of implementing it.
Now I was even thinking of how some charity can be made to teach them and operate a local mini bitcoin bank that will provide all the necessities for basic wallet operation, but the more I'm thinking of it, the more problems pop out.

It's simply too hard to implement something like bitcoin somewhere where the "basic" technology isn't implemented as much.


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May 09, 2017, 06:38:34 PM
 #47

Adopting bitcoin is possible? Have read it correctly. I guess it would take a lot and lots of hard work and most importantly centralisation of bitcoins. If xyz country adopts bitcoin then they are going to regulate it and ultimately rest of the world will have to follow those regulations otherwise there won't be any meaning. If not, then just imagine I will own a currency of other country which may be crime as if I'm holding my money in the form of black money or performing acts of money laundering. May be I have fetched it a way lot but that is what it make sense to me.

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May 10, 2017, 01:51:12 AM
 #48

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

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May 10, 2017, 02:16:25 AM
 #49

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

Not to mention, how the people in those countries buy stuff with bitcoin if the vendors dont have access to computers or internet? doesnt seem very feasible, not to mention, how would the Government trade with other governments who dont accept bitcoin? there are a lot of logistical problems with adoption bitcoin as an official currency.
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May 10, 2017, 09:54:41 AM
 #50

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

Ok but how will they pay for their taxes? Do they still need to convert BTC to fiat? Regulation is different from primary acceptance. You should be careful what you wish for because it might happen like China again. You dont want your BTC stuck in an exchange do you?

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May 11, 2017, 12:07:41 PM
 #51

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.
I don’t agree. If there will be any country adopting and regulating the Bitcoin it will be Serilone in the African region I think.

There are many reasons for it to say and one of the most suitable reason is that there is a multi-cultural approach in that country. Many people from around the world are there and are serving various international organizations.   

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May 11, 2017, 12:23:13 PM
 #52

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!


I am sure, this is rumor only and not a fact! Uganda doesn’t have the infrastructure to adopt bitcoin as its official currency. They may adopt bitcoin for transactions but not surely as an official currency. Because they don’t have any control over it and they can’t generate bitcoin as per the requirement of their economy.

Not just Africa, I am sure no country would use bitcoin as an official currency. They can just accept bitcoin for their transaction by making it legal in their country. 


That is quite untrue since Africas central bank has made a statement last year that they are studying bitcoin since they have seen its merits. And so it is also possible that bitcoin activities were already present in Uganda but since there is no official declaration from the government itself then we cannot really tell that Africa has already adopted bitcoins.

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May 12, 2017, 09:43:59 AM
 #53

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

If it is true then I don't find it to be effective in them since they are just in developing state and not a lot of people knows how to access internet or don't have the ability to access internet. This is not a good thing really for them and how in the hell would the government get some taxes in there to be used to develop their country.
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May 12, 2017, 12:46:45 PM
 #54

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.
I don’t agree. If there will be any country adopting and regulating the Bitcoin it will be Serilone in the African region I think.

There are many reasons for it to say and one of the most suitable reason is that there is a multi-cultural approach in that country. Many people from around the world are there and are serving various international organizations.  

I don't know what Serilone is but I think you are referring to Sierra Leone.

How about you pick a country in which at least 20% of the population has access to electricity next?

That is quite untrue since Africas central bank has made a statement last year that they are studying bitcoin since they have seen its merits. And so it is also possible that bitcoin activities were already present in Uganda but since there is no official declaration from the government itself then we cannot really tell that Africa has already adopted bitcoins.

Hey genius!!!!! Africa is a continent not a country.
The ACB will be completed in 2028.

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May 12, 2017, 02:07:51 PM
 #55

I would guess thats true, that are talking about such an ideas.

Talking about solutions gives a misleading notion of helping with the troublesome sittuation. The less realistic the ideas of the talks, the better. They have more reason not to do anything that way.

Lets just leave it that way. Let them talk and discuss about it and let us forget they will do such an action.


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May 12, 2017, 02:34:40 PM
 #56

I think you have mistaken a bit and the information that you are presenting here is not clear. I think it's just impossible to some country, especially in such region as Africa, would accept bitcoin as their main country. No way. But the case if some country there would legalize bitcoin and adopt it for payment - that have sense and sounds truly.

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May 12, 2017, 03:17:22 PM
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No country will never agree to accept bitcoins as the main currency. Agree to means to lose control over their own economies. Who would have thought it?

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May 12, 2017, 03:53:09 PM
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Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

Yes, it is an alternative currency and it is happening now worldwide whether the country adopt and regulate or not. Bitcoin can go hand in hand with local currency or fiat, and only exchanges can mediate between the two and this exchanges can be regulate by government.

If Africa adopts btc, as a primary currency there is no difference with other country adopting it. Bitcoin is fast becoming a worldwide currency.

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May 12, 2017, 10:35:00 PM
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Wow if the African was adopted the Bitcoin as primary currency it is good to hear, but I was confused if what happened to the world if all nation and country were adopted the Bitcoin as primary currency. Do you think it was good to us? I think No because this is a digital currency never been touch so the risk of this was so very high due to there's a lot of hacker in the world they simply hack the account of every one to become rich. So if the African was adopted the Bitcoin it's a good luck to all of them if how they can handle that situation.

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May 12, 2017, 11:40:21 PM
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Wow if the African was adopted the Bitcoin as primary currency it is good to hear, but I was confused if what happened to the world if all nation and country were adopted the Bitcoin as primary currency. Do you think it was good to us? I think No because this is a digital currency never been touch so the risk of this was so very high due to there's a lot of hacker in the world they simply hack the account of every one to become rich. So if the African was adopted the Bitcoin it's a good luck to all of them if how they can handle that situation.

No country in Africa adopted bitcoin as it's primary currency, I couldn't find it anywhere on the web and it's highly unlikely that it will ever happen.

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