Southern African Banking Tensions Great For Bitcoin
The South African banking cartels come a long way and have their roots deep in the apartheid government days and when the government switched they simply got their fingers into those puppet politicians and continued with impunity.
If you ask any South African if they are happy with their banking services they will tell you a resounding no, none of the 5 offer you anything but scalping you for every transaction, every withdrawal, or deposit and as we moved to a more digital method of banking they are now at their best in terms of nailing you.
There is a reason very few people who come to South Africa to work, want to open up local bank accounts and prefer to use money remittance services, vouchers or cash, because the banks are either expensive or they are full of shit when it comes to moving your money with withdrawing it. They really show you it's not your money and treat you accordingly.
While these banks are able to get away with it locally and to an extent internationally with certain countries, it's not always a gravy train.
A Standard scam
Recently we saw that the central bank of Mozambique has extended the suspension of Standard Bank from the country’s Interbank Foreign Exchange Market (MCI) for another year, having nailed them on financial crimes.
The South Africa-based lender was fined $4.6 million in July 2021 by Mozambique’s central bank for engaging in “fraudulent activities” and was barred from engaging in some exchange-related activities for a year.
Now you can say oh Mozambique is not famed for their honesty either and it could be a power play to get a better settlement under the table to access their markets, and I probably wouldn't argue with you there either.
Bitcoin rails don't fail
As these big boys fight over who gets to eat whose lunch and who gets to divvy up the pie that is consumer labor and capital represented in different currencies, it gives people in the region yet another reason to move on to bitcoin.
The amount of remittance between South Africa, Namibia, Botswana, Mozambique, and Zimbabwe might not be the biggest, but it's because we don't account for a lot of it, as it goes through gray markets, we send cash over the border or transport goods for resale.
Bitcoin and the lightning network can help people do this in a more efficient manner, while large transfers let's say farmers or miners can settle on the base chain since they're moving larger orders. It will be cheaper, faster and you don't need the banks to clear shit.
The burden of proof is no longer on bitcoin to justify its existence, the burden of proof is on the banks to convince people to stay with them, and they are failing miserably.
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Dear @chekohler, From my point of view, the current economy of African countries has collapsed and their fiat currency is being pooped.
The fact that African countries, including South Africa, have given up their fiat currency and use Bitcoin as an international currency seems different from East Asia.
https://peakd.com/hive-167922/@taskmaster4450le/why-china-and-japan-are-unloading-us-treasuries
China and Japan, which are currently the second and third largest economies in the world, seem to want their respective fiat currencies to become international currencies that can counteract the USdollar.
PS: I was new to lightning network! 😯
Is it perhaps the channel through which African countries trade bitcoin with each other?
No country is going to give up their currency without a fight, even if it devalues, look at Japan, the Yen is worthless, but they're not going to let it go.
the lightning network is a channel to which anyone can trade bitcoin instantly, its up for people to use, worrying about what countries do is a waste of time
I agree with you!
As the Japanese and Chinese see Sri Lanka's economy collapsing, they are fighting the US dollar to protect their respective fiat currencies.
However, I guessed that Korea and Taiwan would rather be subordinated to the US economy because they are small and weak.
I will study the lightning network! Thank you for advice!
remember this shit?
How long until Blacks are going after ledgers with this level of criminal intent?
yeah this shit was crazy and you can steal all the ledgers you like, not going to make a lick of difference if you've got a multi-sig setup, or have a BIp85 child seed set up which I recommend people should use. Stealing information is pretty tough, unless you're going to hand over your keys or leave it in a place that can be found you're pretty safe