#MondayBlues: RBZ Ignorant On Bitcoins.

The Reserve bank Of Zimbabwe has once again pronounced the use of Bitcoins as not legal, which unfortunately has been interpreted as illegal, technically making it a laughable resolution, which exposes our ignorance towards the cryptocurrency.

Bitcoin by its nature is not a fiat currency, hence it’s not issued by any national regulatory authority, and by that nature,it can never be regulated by any monetary institution hence they cant use its natural features to classify it under the laws, its gibberish for the regulator to issue this statement: 

“Virtual currencies are not only unregulated but are also neither issued by public authority nor guaranteed by the State. Virtual currencies do not have legal tender status in Zimbabwe or in any jurisdiction in the world,”

“Under the existing legal and regulatory dispensation, any person who invests in virtual currencies or participates in any transaction involving virtual currencies does so at own risk and will not have legal protection from, or recourse against, any regulatory authority,“said RBZ.

This statement is tantamount to saying we cant define the shape of water so it’s dangerous to try and store it at home since it takes the shape of any container” shapeless its property dummy!

RBZ director and registrar of banking institutions, Norman Mataruka, said Bitcoin was illegal and the regulator would not allow its use in Zimbabwe. “In terms of the Bitcoin, as far as we are concerned, it is not actually legal. In Southern Africa, what we have done as regulators, we have said that we will not allow this in our markets,” he said.

“Research is currently being undertaken to ascertain the challenges and risks associated with these particular products and until we have actually established and come up with a legal and regulatory framework for them, it will not be allowed,” he said.

What Utter rubbish!!

We stand by what the Governor (Dr Mangudya) said about this. It is illegal,” said the Bankers’ Association of Zimbabwe (BAZ) president Dr Charity Jinya in an interview with the SundayMail on the sidelines of the Indian Embassy and Ministry of Industry, Commerce and Enterprise Development event held in Harare last week.

What a fallacy!!

 

There are many advantages to using cryptocurrencies. You’re not supporting big banks, it’s anonymous and secure, and you don’t have to pay any online transaction fees or bank transfer costs, which can get pretty steep when dealing with large sums of money.

 

Imagine Zimbabwe being the last nation to enter the 21st century of finance simply because we fear what we dont understand and hate what we cant conquer,  we know what  happens to nations that dominate the financial markets do with that power I don’t think any wise Nation will want to be subject to that oppression for the next hundred years.

Zimbabwe and any other nation will be so stupid as to miss out on the new decentralized economy, simply because the RBZ has so much appetite on controlling currency they do not own, the same error that happened when the powers that be raide3d the Nostro accounts from the bank before driving the nation into a serious financial crisis.

Now that a free currency is in the making, ignorant people in all high offices are already commenting on matters they should rather sit back and take notes to learn from.

Prohibition of any product has always raised the price per unit of the prohibited item(s). And once desperate governments around the world try to fight the cryptocurrency, the rate will shoot hire.

Bitcoin today is trading at $11 770 at Coinbase and locally at  $24197.7 BTC/USD – golix.com

 

 

Back then someone suggested that we should ban the internet so nobody can access information! An intelligent and open government will see beyond control and muzzling and quickly develop towards the opportunities, the best example is Japan!

Recently the RBZ adopted an approach of warning citizens not to get involved with cryptocurrencies saying if they did, they risked losing their investments and not having any recourse should that happen.

This only instills fear and hope to crush confidence on a thriving currency outside their control, which we greatly condemn.

“Those who think that no government (except those run by tinpot dictators) would take the extreme step of banning Bitcoin need a lesson in history. There was a time when holding goldbullion was a crime in America, punishable by a sentence of up to ten years in prison. In 1933, American President Franklin D Roosevelt issued an order requiring all Americans to hand over their gold holdings to the Federal Reserve Bank. The ban on owning gold remained in place for more than four decades, before President Ford legalized gold ownership. This move was made easy by the fact that America had abandoned the gold standard a short while prior and hence had no need to own vast quantities of gold to back up the amount of currency it printed.”

In the United States , they are crafting the Bill That Could Help Cryptocurrencies Become Mainstream

The proposed legislation is aimed at protecting cryptocurrencies from being used to conduct illegal activities while aiding in mainstream adoption. It has been speculated that at least one Republican Senator and two Republican Congressmen are drafting it.

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