Zambian Central Bank Declares Bitcoin Is Not Legal Tender

[sell100]

Zambian Central Bank Declares Bitcoin Is Not Legal Tender

The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the ...

Read more: https://www.trackcoinmarket.com/en/crypto-news/33392/zambian-central-bank-declares-bitcoin-legal-tender

[Planeparke]

I knew it was only a matter of time before other countries joins In the steps of the united States simply because its the united States.

Its good they didn't ban the trade anyway, its only a warning to those who trade in bitcoins. Works for me.

[Hivalley]

It's the duty of every government to protect it's citizens against fraud, scam, theft, money laundering etc, the bitcoin and other crptocurrencies have had their undoubted immense contributions to individuals,but the bad and realistic part of it is how frequent it's been used for fraudulent activities..

This year alone 85% of ico's have been a scam project,not to talk of hackers and individual scammers being on the prowl everyday,so a government issuing a disclaimer to Ward of complaints and recourse to the court of justice in the case of a mishap is a shrewd move on their part, not like it's going to stop the bitcoin movements in that country..All the government is trying to do is exonerate itself from possible misgivings..

The Zambian kwacha is appalling in respect to the dollar, this is a 3rd world country and they are also looking out for their dwindling national currency,a digital one such as the bitcoin being traded the world over may not even pose a threat but make the kwacha second fiddle,so the government is simply trying to avoid a tremendous downturn in its currency

Every cryptocurrency users ought to know of the fact that it's a potential play ground for scammers and try to evade them, that would never stop trade on this system..
Mass adoption and astronomical growth is what the system experiences daily

[Pursuer]

Zambian Central Bank Declares Bitcoin Is Not Legal Tender

since when what central bank of a small  southern African country says about bitcoin is considered news worthy? emphasis is on this being about what their  central bank said not their government. and it is more of a warning not a legal/illegal thing if you read the real news not what you copied for your website.

that cryptocurrencies like bitcoin core ... aren’t legal tender

bitcoin core is not a cryptocurrency , it is a client which you can install and use as a full verification node for bitcoin.

[jrrsparkles]

Don't make the discussion in the wrong way if some bank considered bitcoin as not legal tender in their country it doesn't means that it is illegal their the legality will be announced by the governments not the banks so it is more or like warning to their citizen that all.

[hugeblack]

Many governments in African countries "central banks" consider any currency not controlled by the government to be "illegal/not Legal Tender".
This term does not capture Bitcoin but includes many currencies in other countries.
All these opinions will change if there is a recognition of the superpowers.
Also, the definition "Bitcoin core" indicates that cryptocurrency is not known.

[Akpuv]

Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.

[Nicholson55]

Don't make the discussion in the wrong way if some bank considered bitcoin as not legal tender in their country it doesn't means that it is illegal their the legality will be announced by the governments not the banks so it is more or like warning to their citizen that all.

Agreed - this is a warning, not making something illegal

[LFC_Bitcoin]

I don’t think the market is going to give a damn what the Zambian Government say, bullish or bearish ststements by them will have little to no effect on the market. Even China doesn’t negatively affect the market any more when they do their short term bans/restrictions.

[franky1]

"legal tender"  refers to the national controlled currency of tax, fines, treasury,public service funding...

it does not mean other currencies are illegal. it just means the government wont be printing/minting/hoarding it. they wont use that currency for its treasury/public services.

[bitfocus]

it means, BTC can not be used to pay taxes or any government transactions, it doesn't mean BTC is banned there.

[BrewMaster]

people seriously need to learn how to read a news first. specially news sites like the one OP owns. then they should spread the same thing! this is turning into a very serious issue. they don't have any idea what words mean and then they start a new site and intentionally or unknowingly create nonsense!
in this case the central bank of Zambian only issued a warning. there is no illegality, and it is talking about "legal tender" which Franky explained above.

[Juggy777]

Zambian Central Bank Declares Bitcoin Is Not Legal Tender

The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the ...

Read more: https://www.trackcoinmarket.com/en/crypto-news/33392/zambian-central-bank-declares-bitcoin-legal-tender

Hey why would the community be bothered about a non existent small nation like Zambia, I don't think they have big transactions out there, this seems like a publicity stunt. Am I the only one who noticed they called Bitcoin Core as a currency that shows their level of knowledge when it comes to bitcoins and cryptos, I don't think their statements matter nor will it create any impact in thier nation, as the op has failed to understand they have issued a warning and not declared it illegal.

[ahmad21]

Zambian Central Bank Declares Bitcoin Is Not Legal Tender

The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the ...

Read more: https://www.trackcoinmarket.com/en/crypto-news/33392/zambian-central-bank-declares-bitcoin-legal-tender

Banks have always been an ardent opponent of the crypto currency market and always been going against this platform. After many impositions that were brought on by the Central Bank of India, RBI, now there is another country going through a similar kind of situation. Now that this statement s being issued by the supreme authority, it is a serious trouble for the countrymen to make possible any transaction in the bitcoin. Even the existing exchanges and ICOs would have to shut down as a result of such a decision. But in this case, it must be noted that the central bank of the country has just issed a statement to warn people to curb their transactions as in future, some concrete steps to ban bitcoin and the crypto trading might be taken!!

[peter0425]

Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.

The only one that will be affected is the Zambian crypto enthusiast. However, as the article has stated, do it at your own risk. As if telling their people who wont' back you up in case someone stole crypto from you or scam you. If those Zambians knows how to protect themselves then I'm sure they're willing to take that risk because they know that bitcoin is a new revolution. Of course they're also aware of the potential for make huge profit out of the market so its worth a risk, just saying.

[talkbitcoin]

Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.

The only one that will be affected is the Zambian crypto enthusiast. However, as the article has stated, do it at your own risk. As if telling their people who wont' back you up in case someone stole crypto from you or scam you. If those Zambians knows how to protect themselves then I'm sure they're willing to take that risk because they know that bitcoin is a new revolution. Of course they're also aware of the potential for make huge profit out of the market so its worth a risk, just saying.

nowhere else the banks would protect you if you get scammed whether it is in cryptocurrency world or elsewhere. banks aren't there to protect people from scammers when they put their money somewhere unsafe. the banks are only there to make profit from the transactions you make.

[jseverson]

Even if Zambia declares Bitcoin not to be a legal tender, I don't see it affecting the price or perception towards bitcoin in anyway. Besides, Zambia does not have any influence in global economy or crypto world. Therefore, it's stand on Bitcoin does not hold any water.

It's not going to affect anything because they didn't really do anything. It just means that Bitcoin and other alts aren't officially recognized as a legal form of payment, which is the exact same situation in most of the world ever since their inception. They're simply taking a hands-off approach in cases of losses.

This isn't FUD, and nor is it headline-worthy, but I don't mind them clarifying their stance on the issue. Clarification is always good. I don't know why some people consider this as an attack.

[MarkClark]

This is not the first country to take action to limit the activity of bitcoins, in other countries such as China or India have done so. This proves that the development of bitcoin is so great that governments have to be cautious and try to stop it.

[bolbau]

really? do they think their decision will affect the cryptocurrency industry globally? I do not think so. not intended to be disparaging, but they are as third world countries, even if they prohibit the use of bitcoin, they will not have a significant effect on this industry as a whole. they were just scared without any clear rationale, or I even doubted, that this news was only made up to bring down the crypto market, who knows

[Sultanar484]

They didn't ban Bitcoin but warned people not to involve with Bitcoin. Most of the central banks of the countries treat Bitcoin as illegal tender.