Hi Francis,
Barter trade is legal; it is more of an agreement that 3 eggs is equal
to one bag of maize - it is looked at as more of a willing buyer
willing seller kind of agreement. The three eggs could then be worth
half a bag of maize to someone else, and worthless to another. So here
the eggs are not a generally accepted medium of exchange; the eggs
have an added advantage that you can't mint them to become an instant
millionaire thus diluting their value (or can you with many layers? -
well the layers would have cost eggs and so would have the feed
electricity etc so that's covered :) )
As for bangla, it can be fully legal; my thoughts are they just did
not follow the proper channels to protect wananchi. That's why every
bank has to deposit with central depository protection fund. If the
bank closes with your money, you can actually apply to CBK who will
pay you back, and same to MPesa and other financial institutions. What
if bangla crashed because the maker decided to go the Mugabe route?
I'm thinking CBK would tell him lets hold some hard cash in order to
protect the amount of banglas in circulation so when you up and leave
we can pay back our people, or lets look at your bangla currency to
see if some dude can easily forge it etc etc.
By the way I've always wanted to ask (I'd appreciate any feedback),
what was wrong with the kenya shilling in the first place where bangla
is being used? I hear people saying it was unavailable? Ama the bangla
guys were giving out loans as bangla pesa instead of cash? (which
would be very bad...)
On 3 June 2013 21:35, <bapfrancis@gmail.com> wrote:
> Jangita
>
> Would barter trade be considered legal though?
>
> Francis
> Sent from my BlackBerry®
>
> -----Original Message-----
> From: Jangita Nyagudi <jangita.nyagudi@gmail.com>
> Sender: progressive-kenyans@googlegroups.com
> Date: Mon, 3 Jun 2013 20:52:35
> To: Progressive-Kenyans<progressive-kenyans@googlegroups.com>
> Reply-To: progressive-kenyans@googlegroups.com
> Cc: wanakenya@googlegroups.com<wanakenya@googlegroups.com>; KOL<kenyaonline@yahoogroups.com>; uchunguzi online<uchunguzionline@yahoogroups.com>; changemombasa2012@yahoogroups.com<changemombasa2012@yahoogroups.com>; naijaobserver<naijaobserver@yahoogroups.com>; talkhard@yahoogroups.com<talkhard@yahoogroups.com>; NigerianWorldForum@yahoogroups.com<NigerianWorldForum@yahoogroups.com>; yanarewa@yahoogroups.com<yanarewa@yahoogroups.com>; NVK-Mageuzi@yahoogroups.com<NVK-Mageuzi@yahoogroups.com>; africa- oped<africa-oped@yahoogroups.com>; Wanabidii Googlegroups<wanabidii@googlegroups.com>; kenya-alternatives<kenya-alternatives@googlegroups.com>; katiba-forum<katiba-forum@googlegroups.com>; Jukwaa La Katiba<jukwaalakatiba@gmail.com>
> Subject: Re: [PK] No Bangla Pesa no Mpesa!!!!!!!!!!
>
> Boss I suggest you read
>
> http://www.bu.edu/bucflp/files/2012/01/Banking-Act.pdf
>
> and
>
> http://www.centralbank.go.ke/index.php/bank-supervision
>
> These are laws that govern banks institutions who issue promisory
> instruments; all the way down to forex bureaus, mpesa, airtel money,
> yu cash blah blah blah, micro finances from faulu to that little
> chama. if banlga first called central bank and said we want to do this
> and that CBK would have said comply with this and that and proceed.
> Why CBK would have an issue is that say the owner of bangla wanted to
> get rich; well he'd just print millions, exchange them for goods and
> sell the for real cash and leave...
>
> my two shillings
>
> On 3 June 2013 20:38, Okiya Omtatah Okoiti <omtatah@yahoo.com> wrote:
>> Banning Bangla Pesa while allowing Mpesa, debit cards and similar to operate
>> as legal tender is discriminatory. Mpesa and related money is nothing but a
>> promissory sms generated on mobile phone networks; Bangla on the other hand
>> is promissory pieces of paper circulating among a small network of dwellers
>> in Bangladesh slums in Mombasa. Hence, there is no other reason than the
>> fact that those who own Bangla Pesa are dirt poor, while those who own the
>> likes of Mpesa are stinking rich. That is discrimination and it should be
>> nipped in the bud.
>>
>> NOTE:
>> Bangla-Pesa is a program to strengthen and stabilize the economy of the
>> informal settlement of Bangladesh, Kenya by organizing its more than 200
>> small scale businesses into a Bangla Business Network (BBN) through which
>> its members can utilize a complementary currency to mediate trades. The
>> Bangla-Pesa is a unit of credit within this mutual-credit-clearing (or
>> multilateral reciprocal exchange) system which provides a means of payment
>> that is complementary to official money. please read more at...
>> http://koru.or.ke/bangla
>>
>> --
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>
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