Zimbabwe minister urges citizens to embrace Bitcoin

[wxa7115]

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.

It is such a shame that this is happening once again at Zimbabwe, they had already went through hyperinflation and this was solved at the time by adopting other fiat currencies and letting go of their own currency, but then the government wanted to once again have the monopoly to print as much money as they wanted and guess what? They got exactly the same results as they did before.

And now people are desperate once again because the money that they have in their pockets is losing value at an amazing speed and they have to find a way to protect themselves, and it seems that bitcoin is going to be the best choice to do that because anyone that chooses to use a fiat currency during the next decade is probably going to be burned as well, because there is a real chance now that the system will collapse during that time.

[coin-investor]

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

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

[lepbagong]

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

Of course, the policies of state leaders must be supported by staff who directly carry out work so that it can run as the government might want. because changing habits quickly requires the cooperation and hard work of all parties.

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

agree, but it is necessary to know and understand crypto but even better it is assisted by special staff who are already experienced in crypto so that what is done can fulfill what is the goal. agree that using crypto definitely cuts down on all the usual costs conventionally to more advanced things. the impact is also more pronounced because of the savings in time and costs that can be reduced, obviously this will be profitable in the long run.

[freedomgo]

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

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

A huge number to save, they can use it to on projects to improve their country, so legalizing bitcoin could really help. It's not really a risk to regulate bitcoin as long as they have a set of laws that would make sure that the exchanges are regulated and monitored to comply with the standard monetary policies, especially on the anti-money laundering law.

[macson]

why didn't zimbabwe just adopt bitcoin like el salvador? is their bureaucracy there complicated?

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.  

bitcoin is the unifier of the world, poor countries will be free from difficulties if they adopt bitcoin.

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

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

That's right, by transferring via cryptocurrency, the costs incurred so far can be greatly reduced.

[cheezcarls]

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

Looks like Zimbabwe is influenced by El Salvador declaring Bitcoin as a legal tender, and I think they are potentially going to follow suit as well like Paraguay. However, I am not sure if they are also going to make Bitcoin as a legal tender, or they are just simply embracing Bitcoin that’s all.

If it’s one way that would improve the country’s economy, then they should be going for it. I’m happy for them for being pro-Bitcoin.

[lepbagong]

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

It's really good if you have a prime minister or top officials who understand Cryptocurrency, blockchain and decentralization because this is the future, and they have a good edge over countries that do not adopt, they do not understand the good things brought by Cryptocurrency, one of which is cutting the cost of remittances, they spend up to $90 million in remittance fees, it's a huge saving if they are going to use Cryptocurrency instead.

In fact, I believe that many leaders in developed and developing countries already know what crypto is, it is not even impossible that they may also have investments in it. because crypto is clearly already widely known and very profitable.

but those who want to take action and admit it, of course, need courage from the leadership of the head of state first. then all the elements that have been helping in the government to participate. It is certain that the government makes the rules so that it can be enforced by the government. We should appreciate what the state leadership has done, because it can ensure that all elements are willing to support it.

it would be amazing if there really is a savings from what has been done conventionally, $90M is certainly not a small value and certainly can be allocated to other needs. especially during a pandemic like this, it is clear that the government needs additional funds and some of it can already be added from bitcoin transactions.

but it is clear that apart from these transactions, it is certain that many things can be saved and facilitated by the government, especially by the people, by being able to accept bitcoin as a legal and recognized means of payment.

A huge number to save, they can use it to on projects to improve their country, so legalizing bitcoin could really help. It's not really a risk to regulate bitcoin as long as they have a set of laws that would make sure that the exchanges are regulated and monitored to comply with the standard monetary policies, especially on the anti-money laundering law.

I agree, it's a pretty big value for a developing country to save, but with the government having recognized bitcoin as a legal tender, it's certain that there will be positive and negative impacts. so there is a need for regulations / rules that can prevent the use of bitcoin from being misused. because we know bitcoin has nothing to control and run, bitcoin moves naturally from every transaction.

With government regulations, it will be able to narrow down people who will commit acts that are not commendable with the right rules and in accordance with what the government wants. there are always those who will do the negative but surely they will be able to do the best.

[pinggoki]

Zimbabwe faced serious monetary issues in the past, inflating their native currency to even force them to print denominations for trillions of Zimbabwean currency. The show of support from Zimbabwe's minister could be a sign that they are embracing the much more secure and sustainable bitcoin and cryptocurrency usage compared to their inferior fiat currency. This could change in the future, but it is good to see that a notable figure of a sizable country like Zimbabwe is admitting support of Bitcoin.

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

Looks like Zimbabwe is influenced by El Salvador declaring Bitcoin as a legal tender, and I think they are potentially going to follow suit as well like Paraguay. However, I am not sure if they are also going to make Bitcoin as a legal tender, or they are just simply embracing Bitcoin that’s all.

If it’s one way that would improve the country’s economy, then they should be going for it. I’m happy for them for being pro-Bitcoin.

Could be, could be a mix of all other factors that affected Zimbabwe's economy in the past few years. It is quite exhilarating to know about this and I hope that Zimbabwe and Bitcoin stay close for the years to come. Although we all know that this may change in the future, hopefully for the better. Otherwise this will be one of the biggest switcheroos in the cryptocurrency space that people will talk about for months on end.

[Sithara007]

They could use a localized version of the Chivo wallet and declare Bitcoin as legal tender in Zimbabwe. Anyway, Zimbabwe doesn't have a national currency ever since the Zimbabwean Dollar was withdrawn from circulation in 2009-15. Now South African Rand and the US Dollar serves the purpose of national currency. Using the national currency of another country can never be beneficial, and therefore it makes sense to replace these currencies with a decentralized one like Bitcoin. As the minister stated, for the first phase they can implement Bitcoin adoption on remittance payments.

[Wakate]

I would have referred to Zimbabweans as having adopted bitcoin as their base currency rather than implying bitcoin was ever illegal and suddenly it's become a legitimate commodity in that it has been legalised (in the same way soft drug use is legalised in some countries after being illegal for decades).

We all know that the country Fiat currency is useless without stability. Embracing bitcoin would really help the country and it citizens from poverty. Bitcoin had made many investors reach and I know that what makes the minister to inform his people is to prevent them from further detriment there country currency might bring.

[BIT-BENDER]

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 haven't thought Bitcoin to be the world's deliverance of all conditions affecting the world like a chronic disease, if so zimbabwe or anything under developed countries government adopts Bitcoin/crypto-currency I don't think their economy/poverty level will change if the government don't end corrupt practices/embezzlement, Bitcoin won't end that, I have adopted crypto-currency personally, but I don't think I will be better financially if I don't work, digital asset isn't going to make the world prosperous if all the decadence of the world continues.

[so98nn]

-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?

Bitcoin adoption can bring goodness in any country if peeps start earning with crypto and bring money into the country in the form of BTC. However, the problem with countries like Zimbabwe and other developing nations it's not advisable to go into stuff like this. It's ridiculous because they failed the fiat economic build up and got stuck into inflations all the time. This led to debts like you mentioned one amounting to around 11 bln. That's huge for a country and if they fail with the BTC with proper tax encouragement then it could lead to more debts for sure. So yeah that's gonna hit hard to them. I am sure their government must have thought this through and obviously they have to keep trying to become part of new trend and improvise the economic situation.

[Yamifoud]

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 haven't thought Bitcoin to be the world's deliverance of all conditions affecting the world like a chronic disease, if so zimbabwe or anything under developed countries government adopts Bitcoin/crypto-currency I don't think their economy/poverty level will change if the government don't end corrupt practices/embezzlement, Bitcoin won't end that, I have adopted crypto-currency personally, but I don't think I will be better financially if I don't work, digital asset isn't going to make the world prosperous if all the decadence of the world continues.

That is also what I've thought. May this create an opportunity for them but I don't know if this could attract interest knowing that they are facing an economic crisis. What I think is for their minister to address corruption first and then change the system this seems it build strong adoption but if they don't, this will never works. In fact, develop countries has been in the hard time urging their people to adoption, how much more for this country.

[Vishnu.Reang]

It is common sense. If they use USD or ZAR, then the expats who send remittance payments back to Zimbabwe need to spend anywhere from 7% to 10% as fee with Western Union or Moneygram. However, with Bitcoin, this fee may get reduced to 0.1% or 0.2%. That is a 50x reduction in fee. Considering the poverty level in Zimbabwe, the usage of Bitcoin can go a long way in helping people attain self-sufficiency. In El Salvador, I heard that already a majority of the remittance payments are being sent using Bitcoin.

[mindrust]

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

First El Salvador and now Zimbabwe, soon the whole world. It is amazing how those poor countries are embracing bitcoin while the west watches and China which is the second biggest economy in the world bans it. It is time for the poorest people on earth to make the right choice for once. The poor and the rich will switch their roles soon.

[lepbagong]

Indeed It should have been so for poor and developing countries to move forward, once elsavador took bitcoin It's likely to come into effect in more countries who want to move away from the old economic system so that they can take advantage of the situation, Bitcoin will save them and make them prosper.

it takes time for the people to adjust even though the government has made it easy, because it is not easy for all people in developing countries to be able to adapt to the recognized development of bitcoin, because many adjustments must be made from manual to digital exchanges.

but it is clear that in the future there will be very much benefit, for the country of elsavador by being willing to accept bitcoin as a recognized medium of exchange. what is clear is that the movement of transactions will be easier and faster and there will be costs that can be saved compared to manual.

although the effect will take time because it is clear that all citizens still have to adjust first and will still continue to use conventional methods, it still takes time and is not instant, but this is something that is very much appreciated that elsavador has dared to start.

On the other hand, Bitcoin will also make them fall if they do not understand how to manage it properly and neglect to maintain it, because every new system that will be implemented in a country, there are old things that must be changed by the government such as regulations and laws in that country.

always every change then the first is that the leadership and staff want to try to convince the people first. rules are made so that there is no abuse that might be done by people who already understand and know about bitcoin.

the government must always educate by continuing to provide information that ensures that with bitcoin it will be easier and actually profitable in every transaction made. if you can trade manually, keep going and together first so that there can be adjustments.

[towi078]

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

Zimbabwe is one of those countries whose financial system is so chaotic that their currency is constantly eroding in value.  And in my opinion, a step forward if they want to adopt bitcoin as a legal tender.  Because it will more or less make their financial system more transparent, so they can reduce the irregularities that occur that cause their economic collapse

[fullhdpixel]

First El Salvador and now Zimbabwe, soon the whole world. It is amazing how those poor countries are embracing bitcoin while the west watches and China which is the second biggest economy in the world bans it. It is time for the poorest people on earth to make the right choice for once. The poor and the rich will switch their roles soon.

I would say that making this type of attention into crypto is more of a third world country deal. El Salvador and Zimbabwe has one thing in common which is the fact that their fiat currency is not that strong. So, that means if people are interested in crypto and make a good profit from it, then it would mean that we could see those nations recover economically with people making decent profit from crypto and bringing that money into their nation as well.

It could be from taxes, it could be from them spending that extra income inside their nation or it could be anything else really as long as money goes into a nation. So, crypto is basically savior for all these small nations.

I personally come from one of those poor nations and it has helped me immensely and our government supports it, even takes a lot less tax from it then most other incomes to get crypto more popular, it really works for many people, probably close to a million people, it is a very good idea if done correctly.

[Emitdama]

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

Zimbabwe is one of those countries whose financial system is so chaotic that their currency is constantly eroding in value.  And in my opinion, a step forward if they want to adopt bitcoin as a legal tender.  Because it will more or less make their financial system more transparent, so they can reduce the irregularities that occur that cause their economic collapse

After having revolutionary adoption in El Salvador now many countries feeling in this way. Because this will bring some better change and transparency in their corrupt system. Zimbabwe minister done very good announcement because just because of this they will be able to have some good number of business in their country now if they want some good result from this need of time is give education about crypto in their country because currently its must if you want better results of this adoption.

Now Government must allow peoples to do business in bitcoin and use this freely because this can solve poverty and good way of bringing more investment in their country which is currently facing some serious problems.

[jack wira]

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. 

Yes, bro, I agree with you, because I think that by inviting the people of the Zimbabwean minister to use bitcoin it will have a very good impact for them, besides their country and society, they will also develop economically, and the people of Zimbabwe will also find it easier to secure money too.  assets using bitcoins.