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The Only Crypto ATM in Zimbabwe Unusable Despite High Bitcoin Demand

News
Mon, 09/03/2018 - 09:24
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Yuri Molchan
Similarly to India, the Central bank of Zimbabwe has prohibited banks to service crypto exchanges. It has been struggling with the Reserve Bank of Zimbabwe since May
The Only Crypto ATM in Zimbabwe Unusable Despite High Bitcoin Demand
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Similarly to India, the Central bank of Zimbabwe has prohibited banks to service crypto exchanges. Among the latter was the Golix exchange. It has been struggling with the Reserve Bank of Zimbabwe since May and finally lost the case.

As a result of the Central bank’s decision, the local crypto exchanges had to cease trading, their bank accounts were blocked. They now owe large amounts of cash to their customers. Therefore, the only Bitcoin ATM in the country has become unusable too.

The currently now sees huge inflation on the daily basis. The local Zimbabwe dollar was demonetized three years ago and now local residents use the US dollar, the EUR among other main fiat currencies of the world along with Bitcoin. Local people are in need of BTC as never before since it is decentralized and resists inflation.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.