RATE Group | BTC Peer-to-Peer Trading Rises Amid Ban on USD in Zimbabwe: Report
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BTC Peer-to-Peer Trading Rises Amid Ban on USD in Zimbabwe: Report

11 Jul BTC Peer-to-Peer Trading Rises Amid Ban on USD in Zimbabwe: Report

Posted at 19:52h in Bitcoin News by

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Bitcoin (BTC) trading in Zimbabwe has continued to surge after the government banned the use of foreign currencies on June 24, business news agency Quartz Africa reported on July 10.

The country is reportedly seeing a rise in peer-to-peer (P2P) crypto trading as there are no local exchanges offering cryptocurrency transactions due to the existing ban on providing such services enacted by Zimbabwe’s central bank in May 2018.

Since Zimbabwe recently re-introduced its local currency, the Zimbabwe dollar (ZWD), after abandoning it in 2009, Bitcoin has apparently become a more attractive store of value than the new fiat currency, associated as it is with uncertainty, the report notes. As such, over the past week, Zimbabwean citizens have reportedly been using services such as Paypal, Western Union and Moneybookers to trade Bitcoin outside the country at prices of up to $12,700.

Tawanda Kembo, CEO and founder of local crypto exchange Golix, reportedly claimed that local demand in Bitcoin…

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