Skip to main content

Which Bitcoin exchanges may I access if I live in Zimbabwe?

BY  :Ellery Davies
Zimbabwe is the only country with a 100 trillion dollar note. It’s a sign of rampant inflation. If you live in Zimbabwe, it makes sense that you seek to own Bitcoin. Your economy would become more stable, if only the government would switch to Bitcoin. — [continue below image]
I suggest that you find a friend with an address in one of these 34 countries. It is not necessary that you trust the friend with the keys to your wealth, because only you and family members that you designate will have the account passwords.
Choose someone with citizenship and a physical mailing address in a country that does not have a tax treaty with Zimbabwe. Your friend won’t tell Coinbase that the account is for a citizen of Zimbabwe, but if he is audited by his own tax authority (or if Coinbase is compelled to match and report the earnings of a buy/sell transaction), he may need to demonstrate to his own tax authority that the account is custodial.
Your friend can open an account at Coinbase in America or Bitstamp in the United Kingdom with his/her own name and address (the only cryptocurrency exchanges currently endorsed by CRYPSA).*
Alternatively, keep your funds in your own device wallet, paper wallet or in a fully encrypted, online cloud-account. But, be sure to follow careful security measures. Maintaining a private key backup is non-trivial. If you follow safe & robust storage practices, you needn’t worry about government seizure. No one can seize your assets without your cooperation.
Incidentally, with a proxy account in the name of a foreigner, your friend must trust you even more than you trust him! That’s because a legitimate exchange (like Coinbase or Bitstamp) will demand multiple forms of ID, authority to withdraw funds from both a bank account and a credit card, and even temporary access to the online password for the linked bank account! They require this information to ensure that transactions are collateralized in real time. To maintain an account at a trustworthy exchange, there is no way of getting around this. You can lie about the identity of the user, but ultimately, someone will face scrutiny. Both exchanges comply with laws in their own country and the jurisdiction of the individual in whose name assets are held.
Link: https://www.quora.com/Which-Bitcoin-exchanges-may-I-access-if-I-live-in-Zimbabwe

Comments

Post a Comment

Popular posts from this blog

Case-By-Case or Cease-and-Desist? In Search Of a New Approach to ICOs

That rumble you hear is the sound of regulators around the world mobilizing resources to tackle the pressing matter of token sales. Yet, in spite of the spectacular growth of blockchain token-based funding, no one seems to have a clear idea of what type of rules to introduce. The resulting uncertainty (not to mention ridicule) is left hindering progress as money flows to unviable projects and investors are left vulnerable to foul play – exactly what regulation is supposed to prevent. Perhaps a new approach is needed. But to see where this could go, it's worth stepping back and asking what we expect the regulation to do. Safety belt First, why do we need regulation, not just of finance, but of anything at all? To protect us. At its roots, that is the main role of government – to protect its citizens from avoidable harm and extreme loss brought about by others or from our own lack of common sense. When it comes to securities, that usually means stopping us from making poor decisions…
Post a Comment
Read more

Frequently asked questions about Bitcoin

What is Bitcoin? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping systemin existence. Who created Bitcoin? Bitcoin is the first implementation of a concept called crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers w…
Post a Comment
Read more

Is Bitcoin Legal?

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it. Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is, yes, depending on what you’re doing with it. Read on for our guide to the complex legal landscape surrounding bitcoin. Most of the discussion concerns the US, where many of the legal dramas are currently playing out. Alternatively, you can access our comprehensive Regulation Report for worldwide expert …
Post a Comment
Read more