#pleb #question that I would normally ask my best friend but she’s not awake yet.
Why is #bitcoin banned by the government in the #DRC
Discussion
I’m asking because one of the projects that I’m working on is helping to serve the children exploited for labor in the DRC without making their situation worse.
A delicate balance. Especially with their government in the way as well as others.
As with most countries/jurisdictions who try to prevent use of Bitcoin, they claim it’s due to volatility (consumer protection) or use in criminal activity (money laundering/fraud/drugs/etc).
Truth is that the volatility is a short term phenomenon, and cash is much more widely used (and effective) with regard to financing crime.
Bitcoins offers its users a new kind of control and autonomy, not just over their financial technology but a choice to not use their own government’s currency. And governments hate that. It’s “new and scary” to those who have benefitted from the existing system. Easiest way to prevent your power from being upset is to ban the competition.
I don’t know if DRC has a more specific set of reasons but the above is typically what govt’s fall back on
Ok. Thank you. I appreciate your answer. Is it normal for it to be illegal? I know China tries etc.
it is funny. a little north, it is central african republic and bitcoin is legal tender.
