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In a stunning display of cryptocurrency’s potential to liberate humanity, Zimbabwe just lifted its ban on the digital money after its own Reserve Bank failed to appear in court to defend themselves.
It all began on May 12 when the Reserve Bank of Zimbabwe (RBZ) arrogantly “issued a directive to all financial institutions to stop all forms of transactions related to cryptocurrencies and to wind down all accounts tied to cryptocurrencies within 60 days.”
A few days later, every crypto exchange in the country was ordered to shut down their operations, including Golix, the nation’s largest exchange, whose headquarters I had just visited during my recent trip to Zimbabwe.
These banksters are trying everything to stop crypto’s disruption, but thankfully, the laughable directive was quickly challenged in court by Golix.
The court date was set, but surprisingly, no one from or representing the Reserve Bank showed up to defend their case, resulting in a default judgment and the lifting of the cryptocurrency ban.
It’s somewhat surprising these rogue criminals wouldn’t even bother to show up. But, they probably knew they’d have nothing to defend their attempt at keeping Zimbabwe in debt slavery. It truly exposes the illegitimate and undeserved authority of these parasitical bureau-rats---the audacity of declaring an outright ban on the only money worth a damn in a country notorious for its fiat failures.
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During my time in Harare, while speaking to locals and learning the truth about the nation’s currency crisis, I uncovered a way to live in Zimbabwe for nearly free. And, it’s actually a beautiful place in spite of the destructive government.
Bitcoin trades at 50-100% higher prices within those borders because the people are so desperate for a currency that’s worth more than the paper it’s printed on.
As enticing as it may be to just enter the Zimbabwe crypto market and sell your Bitcoins at a 50% premium, it’s a bit more complicated than that.
As the CEO of Golix explained to me in person, it’s almost impossible to get your money out of the country.
For example, if you put Bitcoin into their exchange, the only way to liquify is through a local bank account, but these accounts do not allow you to transfer money outside of the country because there are so many strict capital controls---and that’s only scratching the surface.
But, if you want to live in and/or invest in the country, which has massive potential (if the politicians stay out of the way), there are plenty of opportunities.
I’ve gone into more detail about the complex Zimbabwe situation in a past issue of The Dollar Vigilante newsletter, which you can subscribe to HERE.
I suppose the RBZ realized how overboard they’d gone in attempting to prohibit digital cash in what’s effectively a cashless society---by necessity.
In an earlier era, these tyrants would’ve gotten away with their financial terrorism, but watching a private company led by an anarcho-capitalist defeat a central bank in court via surrender is one of the most promising signs of crypto’s influence we’ve seen in a while.
Power to the people.
Most of the countries will cry and whine about cryptos until they mysteriously unveil (wait for it....) their own government issued cryptos.
es triste ver como los pueblos con mayores potenciales y riquezas son destruidos por un grupo de personas. eso mismo esta pasando en mi pais venezuela, uno de los mas ricos a nivel mundial y su deuda cada dia crece mas. aqui implementaron lo de las criptomonedas pero casi nadie las entiende y es como sino existieran. para muchos de nosotros es un alivio tenerlas pero da lastima por aquellos que la estan pasando realmente mal.
@migueltoro Y que tal se vive en venezuela si tienes dinero y crypto, puedes comprar comida y demas cosas o tienes que vivir bajo el yugo que vive el resto del pueblo Venezolano? me gustaria pensar que las personas que estaban preparadas con metales y crypto puedan tomar ventaja de este momento y aumentar sus riquezas, una recompenza a la educacion finaciera. Espero que estes bien y gracias por responder de antemano. he estado pensando en comprar propiedad en venezuela y esperar a que pase la tormenta.
puedes hacerlo. si compras en dolares te sale ultra barato
Good to have some sane people in the world of corrupt elite
This is a big win for the people of Zimbabwe hyperinflation has really taken an amazing country and took it down to its knees! It’s unfortunate but it’s the ideal conditions for something like cryptocurrency to thrive and could be the way back for them and they’ll be ahead of the game was the rest of the world watched on as they become front runners in creating a digital decentralized economy
I’m in South Africa and I hope they succeed and it rubs off on us down south
It's insane to think that existing financial institutions have this much power to even threaten any viable competition that comes their way, and it's even more terrifying that their ego has been unchecked for so long. They actually thought they had it in the bag so they didn't even send anybody to at least represent their reasoning.
I'm happy about the outcome, I hope this shows other places that crypto has just as much of a place in the market as fiat.
This is a totally new age, far different from what used to exist, and more is coming, the entire blockchain development system will be more than just an era, it is the future of now and the earlier state governments pay a welcome to this design, the more the world unites for good. Some nations have now adopted the blockchain system to power elections, more is to. And I'm tuned in.
Thanks for sharing this here. *
Thanks a lot for the update from the trenches! Greatly appreciated. I've been wondering about the crypto situation in Zimbabwe. Even superficial research into their recent monetary woes shows an obvious case of how the USD is used to destroy nations. Sickening.
Indeed, power to the people. This is great news for all those troubled Zimbabweans who see the craziest hyperinflation and suffer from the bankster system like few others. Keep up the good work to keep us in the loop about these things. I learned more frlom you about the systems control than from school and mainstream media in all my life. Thanks for that. Anarchapulco 2019 FOR THE WIN!
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Brilliant as always. did you vist grand zimbabwe?