Bitcoin Has Been Banned In Zimbabwe
Zimbabwe is believed to be the top most active crypto currency market in Africa followed by SouthAfrica. Zimbabweans embarked on the use of bitcoin for trading to reduce the inflation rate that hit the country for many years. The most Crypto transactions in Africa have been recorded in Zimbabwe, this shows a high rate of crypto adoption.
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The ban is going to setback crypto's public interest just after the Reserve Bank of Zimbabwe ordered all finance institutions to stop processing all kinds of virtual currency payments and the orders will be put in effect two months from now.
Bank officials after the announcement stated that, bitcoin trading is very risky and may cause destabilization effects on the financial system of Zimbabwe.
News going round in Zimbabwe show that there is a possibility of traders and crypto exchange platforms to drag the Reserve Bank of Zimbabwe to court so as to save the digital currency trade that has been gaining popularity among the public.
The bitcoin ban has left most traders and exchange platforms that operate in Zimbabwe in a puzzle.
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BTC can help people of poor country's...
That's true, but our countries in Africa are greedy!
LOL they always look for a scapegoat to blame their problems on. Their rampant hyperinflation has been a problem for a very long time. The majority of their citizens are billionaires and even trillionaires since their money is so devalued.
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Truly it has to puzzle the people like cryptocurrency is improving lives most especially steemit ..I pray the government changes its statements because we are in an evolving world and we gat to go with the trend