The Government Vs The Cryptorevolution.
I read online today how the Reserve Bank of Zimbabwe(Zimbabwe's central bank) banned the trading or processing of payments related to crytocurrencies by issuing a directive to banking institutions within the country to desist from the trading in it. Citing its use by criminal elements in the society as one of the reasons why cryptotrading needed to be shut down.
Apart from the minor inconvenience of exchanging fiat for cryptocurrency through the usual official channels which thanks to the ban on crypto trading by the government has now been closed .The ban is not going to negatively affect the use of cryptocurrencies rather it's going to create other means for people to trade cryptocurrencies within themselves outside government influence. Making peer to peer transactions even more mainstream exactly as Satoshi Nakamoto had envisioned.
Countries like Japan, Germany,Holland and Canada have adopted the use of cryptocurrencies into their respective countries after finding out that the application of blockchain technology will boost their economies to new heights.
My advice to governments who are still stuck in the dark ages of capitalism, is simply to stop resisting blockchain technology but rather find out how they can benefit from it .
They should start by assemblying a think-tank group of blockchain technology experts to find out ways the technology can innovate each sectors of the economy.
All Images sourced from pixabay.com
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Hey @badmusgreene!
Same is the case for India here. Reserve Bank of India (RBI) has set directives to not let financial educations agree to any crypto based transactions. But, it is only going to make people look for peer-to-peer transactions or other ways to deal with it.
I heard about it from the news.I believe government who are against cryptocurrencies have one thing in common and that is inability to flow with the times.
True that.
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