[2017-11-01] Swaziland Central Bank Embraces Cryptocurrencies

[iamTom123]

Another African Central Bank has come out in support of cryptocurrencies saying it will assess the potential benefits domestically. Speaking at the just concluded Swaziland Economic Conference (SEC 2017), the Governor of the Central Bank of Swaziland, Majozi Sithole, disclosed the regulator had been researching the virtual currencies internally.

According to a report from the Swazi Observer, the Chief Central Banker said: "It may not be wise to dismiss virtual currencies, and as the CBS we are learning, and we want to accept and support innovation.



The Central Bank Governor conceded Bitcoin and cryptocurrencies also fell in an unregulated territory thus limiting the bank's ability to protect people trading with it. The tone from Swaziland's financial regulator comes at a time when other African central bankers are becoming more vocal on the subject of cryptocurrencies like bitcoin.

Last week, East African regulators set a date for a cross-industry meeting to discuss crafting policy in 2018. The announcement came on the heels of a revelation by the Central Bank of Nigeria which is working on a white paper internally after admitting there was no point fighting cryptocurrencies.

Read more here...

As what I have been saying three months ago, there is a brewing interest for Bitcoin and cryptocurrency in general in the big continent of Africa and this can be serving them well. I am not saying that Bitcoin is the panacea pill that will solve of their economic and societal problems BUT certainly this can be of big help.

With Bitcoin there would be new windows of opportunities to be opened and many doors of exciting changes that many people can easily exploit. We are hoping that more and more African nations would be willing to embrace the changes brought on by Bitcoin.

Do you the African continent can be of big help to push for Bitcoin mainstream status?

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[Lucius]

Another African Central Bank has come out in support of cryptocurrencies saying it will assess the potential benefits domestically. Speaking at the just concluded Swaziland Economic Conference (SEC 2017), the Governor of the Central Bank of Swaziland, Majozi Sithole, disclosed the regulator had been researching the virtual currencies internally.

According to a report from the Swazi Observer, the Chief Central Banker said: "It may not be wise to dismiss virtual currencies, and as the CBS we are learning, and we want to accept and support innovation.



The Central Bank Governor conceded Bitcoin and cryptocurrencies also fell in an unregulated territory thus limiting the bank's ability to protect people trading with it. The tone from Swaziland's financial regulator comes at a time when other African central bankers are becoming more vocal on the subject of cryptocurrencies like bitcoin.

Last week, East African regulators set a date for a cross-industry meeting to discuss crafting policy in 2018. The announcement came on the heels of a revelation by the Central Bank of Nigeria which is working on a white paper internally after admitting there was no point fighting cryptocurrencies.

Read more here...

As what I have been saying three months ago, there is a brewing interest for Bitcoin and cryptocurrency in general in the big continent of Africa and this can be serving them well. I am not saying that Bitcoin is the panacea pill that will solve of their economic and societal problems BUT certainly this can be of big help.

With Bitcoin there would be new windows of opportunities to be opened and many doors of exciting changes that many people can easily exploit. We are hoping that more and more African nations would be willing to embrace the changes brought on by Bitcoin.

Do you the African continent can be of big help to push for Bitcoin mainstream status?

In my opinion african continent has great potential and they will certainly have a significant role in the future for BTC.I think ordinary people will have the most benefit from BTC,for the first time many of them will get a chance for financial freedom despite its incompetent and corrupt governments.
This is simply an opportunity that must not be missed,possible solutions for a way out of misery and poverty.

Yet they will still need to wait for the development of key infrastructure,internet and availability of computers for the general population.With more and more technology development Africa can make a significant contribution for BTC in the years to come.

[xFiber]

In my opinion african continent has great potential and they will certainly have a significant role in the future for BTC.I think ordinary people will have the most benefit from BTC,for the first time many of them will get a chance for financial freedom despite its incompetent and corrupt governments.
This is simply an opportunity that must not be missed,possible solutions for a way out of misery and poverty.

Yet they will still need to wait for the development of key infrastructure,internet and availability of computers for the general population.With more and more technology development Africa can make a significant contribution for BTC in the years to come.

I like the trend that African countries are becoming pioneers when it comes to accepting and (more importantly) embracing crypto currency. I'm sure this will help them going into the future and Africa as a continent might finally proposer again.

[leonair]

In my opinion african continent has great potential and they will certainly have a significant role in the future for BTC.I think ordinary people will have the most benefit from BTC,for the first time many of them will get a chance for financial freedom despite its incompetent and corrupt governments.
This is simply an opportunity that must not be missed,possible solutions for a way out of misery and poverty.

Yet they will still need to wait for the development of key infrastructure,internet and availability of computers for the general population.With more and more technology development Africa can make a significant contribution for BTC in the years to come.

I like the trend that African countries are becoming pioneers when it comes to accepting and (more importantly) embracing crypto currency. I'm sure this will help them going into the future and Africa as a continent might finally proposer again.

Maybe because they are not controlled by the elitist that hinders the acceptance of Bitcoin as a legal tender in the future or maybe they really believes that this thing will bring their economy to the growth that they expect it to be. Bitcoin is an international digital currency so by using it to your country will also attract different kinds of money in the world just in the form of Bitcoin and that is so good for the people of that country.

[SvenBomvolen]

Bitcoin's acceptance give big potential to every country which will find the good way of it's use. Unfortunately there are other countries such as Bolivia and Bangladesh which banned Bitcoin and I think that was the big mistake for them, cause the use of Bitcoin and other crypto-currencies is going to move the economy of such country foreword, but they chose to skip that chance.

[Kronos21]

In most African States are very weak economy. Bitcoin now for many people in underdeveloped countries is the ability to survive, but do not forget about the fact that the government and the people have nothing in common. If America decides to deal with bitcoin around the world they will easily find a way to interest the governments of all African countries to ban bitcoin.

[rjbtc2017]

This can open great opportunities for them because Large Companies and Businesses could invest in Africa because of the Government's Acceptance on Bitcoin Which means more opportunities to give them a lot of job , a lot of profit for their community.

[1Referee]

I got excited as I thought it said 'Switzerland Central Bank', but turns out, I need a coffee, lol. Either way, it's still somewhat bullish, but there isn't much interesting to get out of the fact that such an insignificant country within Africa is quite positive about crypto in general. There is definitely a decent bit of growth to gain in Africa for everything crypto related, but for that to happen we need a major economy there stepping up like Japan is doing in Asia. In order to make a noticeable impact, it's either that, or there need to be a large number of smaller countries starting to 'embrace' crypto currencies. At the end of the day, no matter how things get done, it's always the higher number (i.e population number) that makes the strongest impact.

[ivanpoldark]

Swaziland is a tiny little country in south Africa, but they have enough courage and balls to lead own policy. It`s interesting how positions and vision may be so different. Some Countries like Kazakhstan, Russia, say cryptocurrencies are garbage, other small countries on the contrary welcome the progress.

[Kprawn]

Well it looks like Bitcoiners will be doing some African Safaris in Swaziland soon. These smaller countries rely on tourism

income and they have some good spots to visit : http://www.planetware.com/tourist-attractions-/swaziland-saf-swz-swz.htm

I hope the scaling solutions can reduce the fees enough for Africans to use Bitcoin for micro transactions in their informal

markets. That would be Bitcoin's biggest achievement for me. 

[richardsNY]

In the same way that smaller (not important) countries who prohibit Bitcoin in each and every form aren't having an impact on the market, it equally doesn't have an impact when the other smaller (not important) countries are all in favor of Bitcoin. As Kprawn pointed out, Bitcoin in its current form isn't exactly suitable for usage in such countries due to the higher fees. I can only see Bitcoin really offering these people a useful currency experience, when lightning network is full operational. These countries thrive on micro transactions, and as long as there isn't anything in Bitcoin offering them that, it will not take off -- we have to remain realistic and acknowledge it.

[Nameless27]

Small country or not the best thing now its coming and it’s starting to crawl beyond that country. Africa might be a big assets to cryptocurrency in the future and new beginnings always slow but will getting to it. Swaziland Central Banks has opened they’re eyes to what will be beneficial to the country’s economy and to its people.

This enlighten its tourism+bitcoin campaign if they will make it officially but the statements is a good step for now and maybe followed more in the coming months from now.

[peter0425]

Whether small or big country, I think we should welcome them in embracing bitcoin because they have understand that it is a new revolution that will changed the landscape of a nation. Swaziland, maybe not a progressive country will still get the benefits of having bitcoin in their economy. And I think this is gonna be currency application to them. I also think that this is another step for Africa because for me they are the continent that will really have a good impact on having bitcoin because this will be a good option for the continent to earn this 'currency' and used it to their advantage like buying basic needs. So welcome aboard!!!

[xFiber]

In my opinion african continent has great potential and they will certainly have a significant role in the future for BTC.I think ordinary people will have the most benefit from BTC,for the first time many of them will get a chance for financial freedom despite its incompetent and corrupt governments.
This is simply an opportunity that must not be missed,possible solutions for a way out of misery and poverty.

Yet they will still need to wait for the development of key infrastructure,internet and availability of computers for the general population.With more and more technology development Africa can make a significant contribution for BTC in the years to come.

I like the trend that African countries are becoming pioneers when it comes to accepting and (more importantly) embracing crypto currency. I'm sure this will help them going into the future and Africa as a continent might finally proposer again.

Maybe because they are not controlled by the elitist that hinders the acceptance of Bitcoin as a legal tender in the future or maybe they really believes that this thing will bring their economy to the growth that they expect it to be. Bitcoin is an international digital currency so by using it to your country will also attract different kinds of money in the world just in the form of Bitcoin and that is so good for the people of that country.

That may very well be the case. So in a sense african countries, and rather underdeveloped countries in general, have an edge over western countries when it comes to embracing crypto currency. Crypto currency and the blockchain technology are gaining more territory by the day and if Western countries remain their negative/uncertain stance towards crypto currency they might miss out on succesful blockchain tech start-ups. This could be a turning point.

[Oo ako to]

Africa is one of the largest continent so if all of it's countries support and fully embrace bitcoin then they will surely be a great help in promoting cryptocurrencies. At least these people can see that potential of bitcoin unlike first world countries that are blind and only "fraud" is the word that comes out from their mouth when they are asked about bitcoin.