Africa Zimbabwe cash crisis, bitcoin aroused attention
Because they do not trust bond notes coming to the Central Bank of Zimbabwe (Zimbabwe yuan), resulting in cash demand. The general consensus is to buy bitcoin as a safe investment, the role of bitcoin and gold is similar to that of the traditional asset classes when investors lost confidence in bitcoin, and gold may also become the choice of.
TheZimbabweStandard (Zimbabwe) the latest survey shows that in Zimbabwe’s capital Harare (Harare) many banks in the central business district, to withdraw all need long queues, some banks will have no cash at noon.
Because they do not trust bond notes the Bank of Zimbabwe will be introduced, resulting in cash demand.
Although the Tianjin Central Bank governor JohnMangudya said in the past two months will not introduce bond notes, and the latest development is a good example of this bitcoin digital currency demand for consumers, it is a reliable choice.
Why Bank of Zimbabwe lack of credibility?
According to reports, this long cash crisis and the challenge, has attracted the attention of illegal foreign exchange dealers, they are now the domestic rapid trading. In other cases, it is said that some bank employees use this opportunity to use electronic transfers to foreign currency exchange business in exchange for cash, charge 10% of the “Commission”.
The main issue is about once the financial institutions began to issue bond notes, bank deposits will maintain the original value.
Questioning of Zimbabwe yuan
Former Minister of Finance announced that, in order to re introduce the rejected Zimbabwe yuan, the government tried to introduce bond notes from the back door, so the investment bond bill questioned more and more.
TendaiBiti said the introduction of Zimbabwe yuan would be a disaster, because of the excessive printing of this will let the money supply over the national GDP, resulting in monetary value exceeds the market value of the goods, resulting in market disorder.
When using the bond notes, Zimbabwe will have 100 trillion yuan denomination banknotes, banknote denomination will break the record. EBay is now the auction such bill, in 2009 the market still in circulation for a few months, then Zimbabwe is experiencing the most difficult period in history, $1 can exchange trillions of yuan in Zimbabwe.
Zimbabwe yuan was eventually abandoned, we still support the use of the South African rand, the dollar and several other foreign currency.
Bitcoin is a good choice?
A recent bitcoin could become a better choice of payment, has been in the southern African country of Zimbabwe caused the online discussion. The discussion continues, is likely to draw attention to bitcoin is a safer choice, or explore the use of bitcoin other profitable.
To solve the problem of trust with bitcoin. In a forum, has discussed the hedge investment bitcoin, have different suggestions to different ways of investment. However, common consensus is to buy bitcoin as a safe investment.
User? The bank? Who should control the money.
A month ago, “editor in chief” of the South African investors attempted to answer this question: “you should invest in bitcoin?”
AidenSookdin said: “the world is bitcoin digital currency in circulation, so consumers can better control of your money. This is the first time the consumer financial control system. Bitcoin itself is a big deal. It is also possible to change our social structure.”
Wade Bush securities (WedbushSecuritie) company responsible for electronic commerce and payment services GilLuria said bitcoin and the role of gold, it will attract many investors “corresponding to the traditional asset classes when investors lose confidence, bitcoin and gold also can become the choice”.