Cryptocurrencies have the potential to change some of the worlds poorest countries for the better so why has Zimbabwes central bank announced that the use of Cyptocurrency is not allowed in the country? Ive heard this and dont completely understand the notion behind it.
Because it is a central bank. Bitcoin literally takes away the entire job of central banks.
Their job is mostly to print money and figure out how much to print.
If you use Bitcoin, there is no printing of money, practically no inflation.
Governments don't like that, they want to be able to tax people in a covert way with inflation.
I guess Zimbabwe's central bank got scared that people will entirely switch to Bitcoin and take away all of their power.
They probably got scarred that people are losing faith in the central bank.
I am not familiar with this however, I am simply stating a reason why governments and central banks in general don't like Bitcoin.
It takes away their hard-gained power.
Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.