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.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov