Kenya Has Digital Money & Pundit Won't Stop Singing Its Praises

[Omollo]

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Mpesa is basically digital cash. Mshwari which Pundit has been boasting about 5 times each waking day is basically digital.

When Pundit goes to a bank and deposits money he thinks it is stored in those huge safes with gargantuan doors! No. The money is simply entered into a computer becomes digital. The bacteria infested (reason I only handle new currency notes) is carted off to the central bank where it is stored. It leaves behind nothing but digital money in the computers. Pundit can decide to send his money to China to buy another Faw truck. The bank will "wire" the cash. That wire is digital. No money may actually go to china. No. Because pundit's bank and the corresponding bank would be owing each other. So they'll balance it all electronically with pundits bank telling the chinese bank: that money you owed us, please pay for the Faw Truck. That's more like Electronic Hawala.

I mention hawala because the government doesn't like it. Why because nobody likes competition. Bitcoin is just the latest example of states fighting competition but realizing they were too late.

Btw Pundit, cryptocurrency is rising again. China kicked most out... why? Because it's launching it's own digital Yuan. Sweden too will launch. The old adage: if you can't swallow them join them

[RV Pundit]

Digital money versus virtual money.Money issued by Central Bank or Reserve Bank Vis money created in a dark room by some scammers.Big difference.Your Crypto currency is useless except in criminal exchanges.

I can wake up today and create my virtual currency in my computer - get Elon MusK or any of the social media influencers out there to endorse - and I would be swimming in millions from fools around the world.

[Arcadian_Dreamer]

Mpesa is basically digital cash. Mshwari which Pundit has been boasting about 5 times each waking day is basically digital.

When Pundit goes to a bank and deposits money he thinks it is stored in those huge safes with gargantuan doors! No. The money is simply entered into a computer becomes digital. The bacteria infested (reason I only handle new currency notes) is carted off to the central bank where it is stored. It leaves behind nothing but digital money in the computers. Pundit can decide to send his money to China to buy another Faw truck. The bank will "wire" the cash. That wire is digital. No money may actually go to china. No. Because pundit's bank and the corresponding bank would be owing each other. So they'll balance it all electronically with pundits bank telling the chinese bank: that money you owed us, please pay for the Faw Truck. That's more like Electronic Hawala.

I mention hawala because the government doesn't like it. Why because nobody likes competition. Bitcoin is just the latest example of states fighting competition but realizing they were too late.

Btw Pundit, cryptocurrency is rising again. China kicked most out... why? Because it's launching it's own digital Yuan. Sweden too will launch. The old adage: if you can't swallow them join them

Digital money is not equivalent to cryptocurrencies, smh. Most crypto fanatics have a poor grasp of money.

[veritas]

Definitely not the same. Digital cash is just cash, nothing fancy about it. Cryptocurrency is a currency and you can make a lot of money from it. For instance back in the day you could play games online and be awarded in bitcoins.