Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe
Harare, Zimbabwe
Interest in bitcoin trade is soaring in Zimbabwe and so is the price of the crypto-currency, which hit new record highs of nearly $10 000 earlier this month in a worsening economy that the government is struggling to turn around.
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Late on Monday (Oct. 23) Bitcoin prices traded around $9,600 on the Golix exchange platform in Zimbabwe.
But this is only because the country is experiencing payment challenges and acute liquidity challenges.
On other global bitcoin exchanges, prices are just below $6000.
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Zimbabweans have found a way to effect transactions, especially those that require foreign currency and this has come in the form of bitcoins, to which there has been overwhelming response and interest by traders. Yeukai Kusangaya who coordinates trades at the Golix bitcoin exchange in Zimbabwe said there is currently more demand than supply of bitcoins.
---------- Post added at 09:54 PM ---------- Previous post was at 09:53 PM ----------
Zimbabweans have found a way to effect transactions, especially those that require foreign currency and this has come in the form of bitcoins,
to which there has been overwhelming response and interest by traders.
Yeukai Kusangaya who coordinates trades at the Golix bitcoin exchange in Zimbabwe said there is currently more demand than supply of bitcoins.
---------- Post added at 09:56 PM ---------- Previous post was at 09:54 PM ----------
To offset the crippling bank note shortages impacting the country,
the Reserve Bank of Zimbabwe has been printing bond notes (Zimbabwes own version of US Dollars)
that are supposed to have equal value to the greenback but are actually trading at a premium of about 30% to the US dollar on parallel markets.
---------- Post added at 09:57 PM ---------- Previous post was at 09:56 PM ----------
Importers and individual traders still have to mobilize foreign currency through
their own means and mostly on the parallel markets as the central bank is failing to effect payments to international
suppliers and creditors and this has stoked up inflation, say economists.