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25 sats \ 6 replies \ @HODL 6 Oct 2022 \ parent \ on: Namibian Central Bank: Merchants Can Accept Virtual Assets as Payment bitcoin
I do. The poor people living in Namibia won't be prosecuted for using Bitcoin to exchange it for goods or services. Not everyone is living in a first world country.
But why would anybody would be prosecuted?
What is the crime / damage they do just by using their own money?
If tomorrow a gov will also said: we allow everybody to shit in their own bathrooms, would that be also "awesome" news or weird?
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If tomorrow a gov will also said: we allow everybody to shit in their own bathrooms, would that be also "awesome" news or weird?
In Nigeria there were many youth who were not able to shit in their own bathrooms, because they were "caught" with bitcoin on their phones and if they had to shit it was in the jail cell, where they were brought. Of course, the bitcoin (and sometimes the phones as well) were confiscated (stolen) by the police by associating the bitcoin as proceeds of crime -- such as using it to engage in the regulated foreign currency exchange business (without the police having any other evidence). The police were not being punished for this activity even if the victim could prove innocence because it is Nigeria, and police get away with crap like that. That's a contributing reason to the ENDSARS protests a couple years ago that ended only after a violent crackdown by the police and military.
So if Nigeria's central bank were do what Namibia's central ban just did, yes -- it would be "awesome" news. Because now at least a victim could make an argument in court that the bitcoin in possessed was from engaging in commerce (as is then permitted), and not from illegal activities.
I get that it would seem ludicrous that we accept these infringements on our natural rights to engage in commerce using whatever we wish to use for payment, but today, in much of the world, that is not yet the case. Unjust, yes.
While Namibia has their own currency ($NAD), the central bank supports a 1:1 peg with the South African rand ($ZAR). So Namibia, like El Salvador and a couple dozen or other countries who don't control their own currencies, are going to be among the first to formally accept and embrace bitcoin. Namibia's central bank explicitly stating that they will not regulate against bitcoin used in commerce is most definitely "awesome" news.
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But why would anybody would be prosecuted?
Sometimes, especially in Africa, shit hits the fan for no particular reason.
If tomorrow a gov will also said: we allow everybody to shit in their own bathrooms, would that be also "awesome" news or weird?
Every country is different. People in Japan used to shit in public. I mean by the pavement. Until the government made it illegal. Still quite the norm in many third world countries.
It is still illegal to be drunk in the pub in the UK and I believe in Australia too.
Countries around the world have strange laws. You can ignore them or move elsewhere. Bitcoin is certainly helping with the later. People who can't afford either, have to listen to the government.
Yes, it's awesome to see some central banks not to be hostile towards Bitcoin, especially in African countries.
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Countries around the world have strange laws.
You still don't get my point with that question...
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Neither you get my.
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If tomorrow a gov will also said: we allow everybody to shit in their own bathrooms, would that be also "awesome" news or weird?
In Nigeria there were many youth who were not able to shit in their own bathrooms, because they were "caught" with bitcoin on their phones and were in jail. Of course, the bitcoin (and sometimes the phones as well) were confiscated (stolen) by the police by associating the bitcoin as proceeds of crime, such as using it to engage in the regulated foreign currency exchange business (without having any other evidence). The police were not being punished for this activity even if the victim could prove innocence because it is Nigeria, and police get away with crap like that. That's a contributing reason to the ENDSARS protests a couple years ago.
So if Nigeria's central bank were do what Namibia's central ban just did, yes -- it would be "awesome" news. Because now at least a victim could make an argument in court that bitcoin in possession is from engaging in commerce (as is then permitted), and not from illegal activities.
I get that it would seem ludicrous that we accept these infringements on our natural rights to engage in commerce using whatever we wish to use for payment, but today, in much of the world, that is not yet the case.
While Namibia has their own currency, the central bank supports a 1:1 peg with the South African rand. So they, like El Salvador and a couple dozen or other countries who don't control their own currencies, are going to be the first to formally accept and embrace bitcoin. Namibia's central bank explicitly stating that they will not regulate against bitcoin used in commerce is most definitely "awesome" news.
reply