Zimbabweans are Unable to Exchange Bitcoin via ATM, Demands are on the Rise
Citizens of Zimbabwe are unable to use the country’s only Bitcoin ATM, while crypto applications are on the rise.
Africa’s cryptocurrency exchange Golix, the one responsible for the operation of Bitcoin ATM at Harare office, is still in conflict with the Reserve Bank of Zimbabwe. The two institutions act in court as early as May 2018.
The central financial institution of Zimbabwe has forced all banks based in the country to suspend collaborations with Golix and other crypto exchanges. Following the order, it became complicated to trade cryptocurrencies, as the platforms, counting Golix, had no choice but to cease their activities. In addition, bank accounts have been frozen as well as user funds.
Zimbabwe is still facing monetary issues
Zimbabwe does not own a national fiat currency since 2015 when the Zimbabwean Dollar was demonetized. This has unbalanced the country’s economy for a long period, with citizens and businesses losing their savings. In the peak period, the daily inflation rate reached 98%.
Currently, the country has readapted and accepted US dollar, euro, and other international fiat assets. In addition, Zimbabweans use silver and gold. Crypto assets are not an exclusion in the African country, as the demands for Bitcoin are steadily increasing. Citizens see a solution in the integration of cryptocurrencies, given that the country is still facing some problems with the monetary system.
Golix hopes to win the lawsuit in Zimbabwe’s High Court and remove the banking interdiction. If the company succeeds, it will resume the crypto operations, including the option to exchange cryptocurrencies. The date of the instance is unknown.