zimbabwe bitcoin eboda 775x500 - Zimbabwe Moves Towards Bitcoin Amid Financial Problems

Zimbabwe Moves Towards Bitcoin Amid Financial Problems

Zimbabweans are currently searching for Bitcoin (BTC) to challenge several financial restrictions in the country. Indeed, the famous virtual currency could be great for citizens that lack access to financial services. More importantly, it may be a good option for users to protect their savings.

Zimbabwe Embraces Bitcoin

This African country, known for having one of the highest inflation in history, is moving towards Bitcoin. According to some reports, there are some individuals that are already using BTC for daily transactions.

This is the case of Josh from Bulawayo, the second largest city in Zimbabwe. He explains that he pays his rent using Bitcoin because his landlord is open-minded about cryptos. The unemployed psychology graduate is 23 years old and mines Bitcoin. He paid 0.02281 BTC, or over $120 dollars at that time.

At the moment, Zimbabwe has a problem with foreign currencies. The country does not receive enough international investments, and that can be seen in the way Zimbabweans live. In the past, the government banned individuals from buying other currencies.

Citizens did not trust their national currency and in 2009 the country decided to gave it up. After it, other currencies started to be embraced such as the US dollar or Euro.

Indeed, there is a problem with cash. Banks are not able to deliver the cash that the society needs. Bitcoin could be used instead of banknotes and bank accounts. Additionally, it can be embraced to be protected against inflation. Individuals in the country are not able to pay for goods and services in the country that are tied to the US dollar. But instead, they can use Bitcoin or another virtual currency if it’s accepted.

There are different solutions that have been created that accept virtual currencies. This is the case of Sudy263. With this platform, Zimbabweans studying abroad could easily pay their fees using cryptocurrencies. Now, there are several users asking for the company to help them circumvent RBZ’s restrictions.

Tinashe Jani, co-founder of Study263, commented:

“We don’t only use bitcoin but any other available cryptocurrency – they are cheaper, faster, and in Zimbabwe’s situation it (Bitcoin) works now that card payments do not work out of the country anymore.”

The company has already processed over 900 different transactions ranging from $10 dollars to $10,000+. Study263 allows Zimbabweans to pay other services as well, such as Television or internet.

Nonetheless, cryptocurrencies are banned in the country. Back in May, the country decided to shut down two exchanges in the country, Golix, and Styx24. They were helping people buy and sell Bitcoin.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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