Zimbabwe Bans All Cryptocurrency Activity

[batang_bitcoin]

Hello everyone, I do not think that such a country as Zimbabwe will be able to influence the crypto currency market, but in general, it is not very good for the world of crypto currency

So if its a first world country the influence will be great? this has an impact although we may not see it immediately but it actually has.

Very sad news, many countries already have banned bitcoin because they can't control bitcoin over their Fiat money trading system and bank fears bitcoin, hence they banned bitcoin.

Sad news it is but it's not the country/government itself but the banks. The financial institutions which are responsible for any financial transactions.
Read the article and this;

this is not a citizen /private business ban.. calm down
~snip~

[drmilind2004]

While it does seem alarming indeed, if I'm not mistaken, this kind of situation prevails in many other countries. The Zimbabwe Central Bank's stipulations might as well have been copy-pasted from a recent 'advisory' put out by India's central bank, (the Reserve Bank of India).

Perhaps, globally, the central banking institutions are doing their due diligence, and the output is influenced by the ideological flavour of those countries as well as the extent of control they desire over the influence of Cryptocurrency on their economy.

These are action-reaction sequences that might well extend over the next decade or more, until some unwieldy consequence forces a cascade of uncontrolled events, like the 2008 spiral that led to the birth of Bitcoin in the first place.  

[Tenderino]

Zimbabwe banning all crypto currency activity will be the end of crypto currencies worldwide and everyone should sell now as soon as possible!

Wait, who is Zimbabwe? I heard Zimbabwe has the most specialized internet crime police and we can expect that many citizens will be arrested soon because they will get catched using anonymous and decentralized crypto currency systems on their pcs and in the internet.

Honestly, no one cares what Zimbabwe declares.

[Yatsan]

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.

Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

With a country as impoverished as Zimbabwe, reeking of severe poverty and extreme corruption among their government officials that resulted to their own currency reaching a very high infoation rate making it utterly worthless, they really couldn't afford any economic measures that would make them invest money first before earning profits. That is why bitcoin is banned in the said country.

[bloodyvio]

statements from this country will not affect any bitcoin price or crypto price
sad poor country

[Choyor]

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.

Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Zimbabwe is a developing country in the world, and news of this kind will always exist from other developing countries. The economy of this country has no major impact on the world economy, so their decision to ban any form of crypto currency in its country will not affect the Bitcoin market. I think it's like that.

[Getmon]

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.

Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

This is not going to affect significantly the expected growth of Bitcoin. I don't know how huge or small the crypto market in Zimbabwe. What I know is that it does not comprise a significant percentage in the entire crypto world market. I would be somehow troubled if that happens in Japan or in France or Germany or even in United Kingdom. And I do believe that this ban is not going to last long.

[iqlimasyadiqa]

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.

Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

With a country as impoverished as Zimbabwe, reeking of severe poverty and extreme corruption among their government officials that resulted to their own currency reaching a very high infoation rate making it utterly worthless, they really couldn't afford any economic measures that would make them invest money first before earning profits. That is why bitcoin is banned in the said country.

I think the Zimbabwean government is trying to avoid the economic turmoil in the country because we all know that it could make zimbabwe even poorer and uncontrollable. But on the one hand again that this could be a conspiracy, even the zimbabwe government with some irresponsible people trying to take advantage of Bitcoin. It could only be used by the government, but we see what happens next.

Personally I even think that digital currency can help a lot of people in their country. We know that some work can be done easily inside the house. It should reduce unemployment. Back again that this is the decision of the government and we as good citizens then must respect all the decisions that exist.

[laserfocused]

Somewhat not surprising news. I don't think this means the Bitcoin industry will die, just another obstacle. At the same time a lot of countries in Africa are adopting to cryptocurrency.

[xuan87]

It's such a shame the government banned the crypto, especially Zimbabwe consider as the third world country that need a lot of ways to earn to prevent poverty, crypto can created a good chance to earn and it can help the country to grow better, it's their lost if they banned crypto

[pushups44]

This shouldn't be a surprise considering that that country has been ravaged by hyperinflation due to a lack of confidence in the nation's currency. Bitcoin is obviously a competitor to what the authorities are issuing.

[libert19]

First India, then Zimbabwe these governments should let us live in peace.

[chris200x9]

statements from this country will not affect any bitcoin price or crypto price
sad poor country

Even though it is a small country but these kinds of news will have some impact on prices and investors may lose the confidence. India also passed similar rule couple of months back for all banks stop dealing with crypto exchanges. If all countries start doing this then the trading volume will fall and slowly prices will go down.

However, I still believe in bitcoin and its growth so I'm holding bitcoins and other altcoins for a long term.

[Spaffin]

Zimbabwe very often appears in the lists of countries that completely prohibit crypto currency. However, it turns out that such a ban is effective only in the banking system, citizens can fully engage in crypto currency, if they do not appeal to banks. The prohibition within the banking system is ineffective.

[bigblackdeck45]

When a country bans bitcoin it is a great loss on both sides. The people on that country will miss out on the awesome privileges and features of bitcoin. Also the bitcoin community will lose a lot of potential investors and users. Hope one day they will change their view on bitcoin so we can all enjoy and benefit bitcoin.

[fernandoaleixo]

this is not a citizen /private business ban.. calm down

this is a standard memo to BANKS. that BANKS(financial institutions) continue to only handle FIAT and not other things like toilet roll beanie baies, or crypto.
banks have rules and regulations to only handle fiat. these rules have been around for decades. way way way before bitcoin was even a thing. so this memo is just a reminder to banks to not directly handle crypto.

this does not mean citizens/private businesses are banned. it jsut means that banks will not let you get toilet roll, teddybears, crypto or baked beans from a bank branch. all a bank branch can offer is FIAT services


it is not a new LAW. its a reminder/memo(circular)
for banks to only offer only fiat services direct
you cannot buy a iphone in a bank branch. but that does not mean you cant buy a iphone/toilet roll/ baked beans.
nor does it mean that private citizens/businesses should have accounts shut down for offering things that a bank cant offer

I kinda understand and don't at the same time, do you mean banks are selling common goods in Zimbabwe? That still sounds like a ban, will people in Zimbabwe be able to buy foreigner stuff with crypto?

[TrufieldICO]

No perceived government ban on cryptocurrency will be successful. All they will manage to do is push it unto the black market which is unregulated and a magnet to attract illegal activity. Please don't ban cryptos   

[zeingrind777]

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply.

Full articles: https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

I think with the banning of crypto activity in Zimbabwe, it does not affect much bitcoin and crypto prices. because users and holders of the crypto-coin there are not many. so I do not think it's too worrying

[dewi91]

Not surprising, another state run by the military has banned bitcoin, because it usurps their control over the population. I would have thought cryptocurrencies would be a good opportunity for hyper-inflative countries to enter the world economy, but it seems most countries except Venezuala are against the idea, and would rather stay in their mess.

may be they are thinking crypto currency will not help too much for their economy and they are try to find another ways to make their economy better. the country that banned crypto whereas their economy situation is continue to deteriorate actually have closed the way to improve their economy, but that is their decision and we must respect it.

[Ilegendph]

this is not a citizen /private business ban.. calm down

this is a standard memo to BANKS. that BANKS(financial institutions) continue to only handle FIAT and not other things like toilet roll beanie baies, or crypto.
banks have rules and regulations to only handle fiat. these rules have been around for decades. way way way before bitcoin was even a thing. so this memo is just a reminder to banks to not directly handle crypto.

this does not mean citizens/private businesses are banned. it jsut means that banks will not let you get toilet roll, teddybears, crypto or baked beans from a bank branch. all a bank branch can offer is FIAT services


it is not a new LAW. its a reminder/memo(circular)
for banks to only offer only fiat services direct
you cannot buy a iphone in a bank branch. but that does not mean you cant buy a iphone/toilet roll/ baked beans.
nor does it mean that private citizens/businesses should have accounts shut down for offering things that a bank cant offer

I believe that Zimbabwe true interest is only blockchain and not cryptocurrencies. Their government can still use blockchain technology without getting involve in cryptocurrencies. They also protecting their local financial insitutions to possible fraud and other illegal activities.