Zimbabwe’s Foreign Currency Ban Spurs Demand for Cryptocurrency | Voice of America

HARARE – Zimbabwe’s ban on foreign currency, and the country’s soaring inflation, have spurred demand for cryptocurrencies like bitcoin to try to preserve wealth; however, Zimbabwean authorities last year banned banks from processing bitcoin and warn cryptocurrencies are open to hacking.

For the past two years, Dennis Kadengu has been buying as much cryptocurrency as he can afford. He uses bitcoin to buy and sell online, which he can’t do with Zimbabwe’s currency as it is worthless outside the country.

“Bitcoin, I think, is the most safest cryptocurrency, and in terms of safety, you can have a large amount of money in equivalent to U.S. dollars or euros, having it on your person, moving it around even in seconds which is very beneficial rather than…