Zimbabwe minister urges citizens to embrace Bitcoin

[Gases]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

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[rosenbauer02]

Aren't gonna say your opinion?. I haven't read the article but I think they would also like to embrace bitcoin just like in El Salvador where bitcoin is now a legal tender and people and businesses can now accept bitcoin as one of their payment method. Embracing bitcoin could also help their country in my opinion.

[DeathAngel]

Many countries struggle with poverty, a quickly devaluing national currency & crime. Bitcoin will save them & make them prosperous, thriving countries. So many of the bad things in the world will be saved by adopting bitcoin. Bitcoin = No War. 

[gabbie2010]

Aren't gonna say your opinion?. I haven't read the article but I think they would also like to embrace bitcoin just like in El Salvador where bitcoin is now a legal tender and people and businesses can now accept bitcoin as one of their payment method. Embracing bitcoin could also help their country in my opinion.

The minister is imploring Zimbabwean to embrace Bitcoin especially when remitting funds from abroad because of low cost and swiftness of transaction which I believe is a good advice, already there is hyper inflation in Zimbabwe thus there is the need for the citizens to adopt Bitcoin to cushion the effect of using worthless Zimbabwean dollar or they should follow El Salvador adoption of Bitcoin to help their citizens especially low income earners, thus it is up to their government to take a drastic step now.

[swogerino]

Many countries struggle with poverty, a quickly devaluing national currency & crime. Bitcoin will save them & make them prosperous, thriving countries. So many of the bad things in the world will be saved by adopting bitcoin. Bitcoin = No War. 

I agree and I find it really bad that developed countries speak with so passion against Bitcoin trying to do everything in their power to keep their citizens away from it by making up all sort of stories.Zimbabwe reminds me of Venezuela a couple of years ago when people started to mine as the devaluation of the Venezuelan pezos hit the sky.This minister is trying to impact his citizens to do the same as many did in Venezuela some years ago.All the countries where devaluation of national currency against currencies like EUR or USD should immediately embrace Bitcoin.

[SlimShadyMmp]

Shouldn't be a surprise to anybody after the elsavador take on bitcoin It will likely begin to take effect on much more countries looking to sway away from the old economic system so that they can take advantage of the situation but still is kinda good new to crytpoland. I just hope those countries knows what they are doing

[masulum]

-snip- they should follow El Salvador adoption of Bitcoin to help their citizens especially low income earners, thus it is up to their government to take a drastic step now.

If Zimbabwe makes Bitcoin their official currency, while their economy is also very weak, I think Zimbabwe will have a bit of difficulty in the implementation process. Zimbabwe GDP 2019 based on world bank data USD21 bil, while their debt is around USD11 bil (2021), would it be the right decision to do the same with El Salvador by giving away BTC for free using the money of a country that I think they need more for protect their country?

[Ziskinberg]

Shouldn't be a surprise to anybody after the elsavador take on bitcoin It will likely begin to take effect on much more countries looking to sway away from the old economic system so that they can take advantage of the situation but still is kinda good new to crytpoland. I just hope those countries knows what they are doing

That's correct, El Salvador has become a model that a country could adopt on bitcoin without a problem. For poor countries, I think they should look at this possibility so they will not be anymore controlled by big countries, once they adopt bitcoin, there will be more open opportunity and certainly it will help them to improve their economy as long as their leader is capable of running a country and should be a pro-crypto as well.

[masterrex]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

I think that's the best option for Zimbabwe to try because their currency is heavily devalued and because of that reality Bitcoin will be the best option or one of the best alternatives to fight inflation if the people of Zimbabwe will use it as it was intended to be, Anyway I'm not familiar with the current Zimbabwe economic status that's why I'm just giving my opinion base on my limited knowledge about inflation.  

[Maestro75]

Aren't gonna say your opinion?. I haven't read the article but I think they would also like to embrace bitcoin just like in El Salvador where bitcoin is now a legal tender and people and businesses can now accept bitcoin as one of their payment method. Embracing bitcoin could also help their country in my opinion.

This is good news to the spread of Bitcoin and its awareness but I do not believe Zimbabwe will be brave enough to adopt the El Salvador method of going all in. Africa is a continent that fears to take up new challenges and Bitcoin is a new challenge. Adopting Bitcoin completely is not what I think they can do. If there are countries in Africa that can take that bold step it will not be Zimbabwe. May be South Africa or Nigeria.

[Yogee]

...
If there are countries in Africa that can take that bold step it will not be Zimbabwe. May be South Africa or Nigeria.

I agree in most part. Zimbabwe still lacks the literacy on blockchain and crypto compared to the two countries you said. Nigeria has a lot of P2P transactions but their Government and central bank is still hostile. South Africa is the best bet since they are the most crypto friendly in all of Africa.

[Farma]

Many countries struggle with poverty, a quickly devaluing national currency & crime. Bitcoin will save them & make them prosperous, thriving countries. So many of the bad things in the world will be saved by adopting bitcoin. Bitcoin = No War. 

I also have the same thought like that. although many countries are trying to reject bitcoin, but I strongly believe that bitcoin can reduce poverty and unemployment there. I think the minister from Zimbabwe has done the right thing. there have been so many examples of people who have re-opened businesses because of using bitcoin, I'm pretty sure this is the solution to the economic problems there. After El Salvador, it would be better if Zimbabwe started embracing bitcoin. Furthermore, it is only necessary to provide education about crypto there, and also how to get and use it.

[mumang siat]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

The steps they take to prepare themselves to live an increasingly advanced life in the cryptocurrency field, but need supervision from various parties from the country, if bitcoin is starting to be given space for people to invest, considering that not many people can invest in bitcoin, with price considerations buy which is very expensive and difficult to achieve.

[MarjorieZimmermanGinger]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

There is a great opportunity for this country to develop in the future, if bitcoin starts to be discussed and becomes the attention of the government in its future progress, but there are many weaknesses that will be faced if only bitcoin is given access to make legal investments, considering the price of bitcoin is difficult to reach by the people. ordinary, but at least this country is preparing a good step in the future for its people.

[wajik-tempe]

The zimbabwe people's population is around 15 mils. but the internet coverage is only about 5 mils people which means only 1/3 of their citizens (source: google).
As we know connection to the internet is the most important part if we want to explore about cryptocurrency because there are a lot crypto transaction running through the internet. So i think if their goverment are embracing their people to bitcoin, they have to make sure they are providing a good speed and bigger coverage of internet and technology in their country first.

[evichi]

Bitcoin can play a vital role to help resuscitate economies with very weak currency. By embracing Bitcoin, the economy will have a yardstick on which to measure its currency and could help strengthen it.

The government have to understand the benefits and the risks associated with adopting Bitcoin which includes:
(1) Price Fluctuation.  In the short term the price of Bitcoin may not be easy to manage because of its volatility, but on the long term, with the fixed number  of Bitcoin, the value of Bitcoin will be rising, thereby making Bitcoin holders richer as it is not influenced by external government.
(2) Crypto currency knowledge. The main problems countries like Zimbabwe will have is adoption. How many of the citizens have access to internet and how many of the citizens know how to buy and sell crypto? The knowledge of crypto currency by the masses is key to the adoption. If the Government is serious, they can commence mass training of its citizens on how to buy/sell Bitcoin and generally cryptocurrency.

[Sithara007]

Countries that use the currency from some other nation as their legal tender should immediately consider granting the same status to Bitcoin. Because when a country like Zimbabwe is using a foreign currency like the US Dollar, it is actually benefitting the US government. If they use the South African Rand, then in the end it will benefit the South African government. So why can't they use Bitcoin instead? If there are any benefits, it will be distributed among the Zimbabweans themselves (rather than the foreign governments).

[michellee]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

There is a great opportunity for this country to develop in the future, if bitcoin starts to be discussed and becomes the attention of the government in its future progress, but there are many weaknesses that will be faced if only bitcoin is given access to make legal investments, considering the price of bitcoin is difficult to reach by the people. ordinary, but at least this country is preparing a good step in the future for its people.

That will depend on how the government will react because not all of the people in the government will agree with the idea and maybe there will be a deniable from them. But if that way can benefit their people, the government should appreciate and try to allow their people to use bitcoin and start making money from it. Maybe it will help their people financially and if that happens, their country can solve the poverty problem. Maybe many things need to be set up before their country allows crypto to be used by their people.

[rodskee]

Zimbabwe minister urges citizens to embrace Bitcoin.https://www.investing.com/news/cryptocurrency-news/zimbabwe-minister-urges-citizens-to-embrace-bitcoin-2614946.

Wondering what will be the effect of this t the crypto market as Zimbabwe is one of the most corrupt country in the world. and also what is the objective of their Minister in embracing bitcoin since we knew how politicians hates crypto for their own benefits .

The zimbabwe people's population is around 15 mils. but the internet coverage is only about 5 mils people which means only 1/3 of their citizens (source: google).

1/3 have access to the internet so what will be the reason for this acceptance if happen?

or maybe they are trying to embrace and adopt for the future.

[Timelord2067]

You'd think clean water, sanitation, a secure food supply and an end to conflicts along ethnic and geopolitical lines would be more important than expecting the populous to arm themselves with a stable internet connection for their cell phones to make crypto transactions would be a thing...

...but apparently it isn't.