Zimbabwe Bans All Cryptocurrency Activity

[KingScorpio]

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 central bank and the elite arround it are basically the countries owners, and they live of the population that is forced to work for the "zimbabwe" dollar,

[EddyGameta]

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

People don't understand the meaning of ban here. You can buy and sell cryptocurrencies, via P2P exchange. You can trade them, hodl them and do anything under legal jurisdictions. If banks continue to deal with crypto related businesses, they would have to face consequences. And crypto business cannot function in that country anymore. That's what ban means.

Yes, you are right. People are always able to buy and sell bitcoin. They can trade it peer to peer. But some governments are trying to make it difficult for the people specially when they want to convert bitcoin to their national money or their national money to bitcoin.
Any way, governments cannot stop people completely.

yes, people will always look for a gap even though many fell and get caught in the end, like black market that is not allowed but cannot be eradicated completely maybe because the government officials also enjoy it so they let it remain there even as if they eradicate it.

[Harlot]

The good thing is it is only an issued circular of the central bank, which unlike a law is more easier to be change or even remove in enforcement. But what comes to my mind is another misleading headline and mostly part of the article. These businesses they are talking about are financial institutions most famously known as banks, they are only prohibiting this banks to have transactions to businesses that involve cryptocurrencies, what their government is trying to avoid is that this banks will also suffer the consequences of volatility of cryptocurrencies if they participated, and other illegal doings brought by the nature of the cryptocurrencies. If I am someone higher up in the government I would quickly cancel this memorandum if I have the ability to do so, this is something we need to avoid as it is hindering the growth of the country.

[irenegaming]

If so, then it is not a good sign or news for the industry. I hope their govt re-consider the situation and accept it. Even if there is any barrier, they can try to resolve it.

A small country like Zimbabwe banning Bitcoin doesn't matters much. But countries like Zimbabwe are the ones who are in need of cryptocurrencies the most due to their high inflation rates. Also bitcoin is a decentralized currency and banning it wont help the governments as the people can still buy and sell it for cash.

[Naman1111]

FIrst of all Zimbabwae is way too small and troubled enough to create any impact on the world trading of BTC. Second , it is effected by hyperflation something which most of the world will face in the coming time which will lead to the ,ass adoption of BTC. There will be only true universsal currency and that will be BTC. I hope govt realize the importance and cancel the memo for the growth and survival  of the country.

[chidrawarster]

It's not at all a good love and not in the favour crypto world. The more such bans are happening the more credibility is being lost and also people are unable to believe about crypto currencies. Still I would only say that the regulatories have to become little liberal and explain it the complete picture for attaining clarity.

[maxim4eg123]

If a small and big country banned Bitcoin, then it must be a sad news for Bitcoin. Zimbabwe has banned all types of cryptosity activity, so it is not good news for Bitcoin. But I think it will not have any effect on Bitcoin. The number of people who work in bitcoin or invest in these small countries is very few. But I think that because of why they banned it, they will soon give legal legalization to use it.

[pitiflin]

Yes, you are right. People are always able to buy and sell bitcoin. They can trade it peer to peer. But some governments are trying to make it difficult for the people specially when they want to convert bitcoin to their national money or their national money to bitcoin.
Any way, governments cannot stop people completely.

Governments can't do anything if the exchange has been made in the form of p2p. You don't convert your bitcoin to fiat, you exchange them. It would be hard to figure out how the exchanges happened for a normal bank. Only thing is that banks can't deal with those who offer crypto services.

[dimastegar]

We know that in recent years Zimbabwe is experiencing a monetary crisis. Therefore, I think the Zimbabwean government is trying to do so to prevent its citizens from losses.