So, via-via I know some people in Zimbabwe. I have some Bitcoin. Is there any reason why it would not be a good idea for me to send them my Bitcoin, have them sell it, wire me the money by bank, and I re-purchase and repeat?
I am very tempted to give it a try, but I am wary because Zimbabwe's government is crazy and I don't want it to somehow get these friends in trouble. Thoughts?
if you trust them, its perfect!
I do.. with smaller amounts in any case, lest it gets too tempting.
But I do worry about them getting in trouble.. It may seem suspicious to authorities if those people suddenly start moving a lot of Bitcoin and money around? In a western world there's not that much they can do, but in Zimbabwe the government is very different
I dare say that it would be hard to get your USD out once you have sold the BTC through the exchange. Looks like you can only withdraw to Zimbabwean accounts or Ecocash. Then you will probably run into restrictions from Zimbabwean banks when trying to move the USD out.
@pandorasbox do not try, the Zimbabwean government is not the government of Europe or the USA, now there is chaos
There is a cash crisis in Zimbabwe and its illegal to externalise such amounts. You wont get you cash anytime soom until the crisis stops.