Amid other continents like Asia, Europe and America, who are gladly opening their arms to accept cryptocurrency, Africa on the other hand is sadly killing the little interest of such. An example of this is the Zimbabwean Bitcoin.
No doubt, Zimbabwean Bitcoin had an influence on the high price of bitcoin last year 2017 to earlier this year of 2018. But, where has it all gone wrong?
Zimbabwean Bitcoin: Where it All Went Wrong
The Golix bitcoin ATM took on obvious importance when it was first introduced in the Zimbabwean capital Harare, early April. At that period of time, Zimbabwe was facing huge financial crisis. However, the bitcoin machine was seen as the new gateway to faster cash transfers and cash availability.
Not until, the Reserve Bank of Zimbabwe (RBZ) placed a ban on cryptocurrencies. The ban was placed in May 2018, and it upsets the big plans by Golix, the Southern African country’s biggest digital currency exchange, to mainstream virtual money, and to its bitcoin ATM – a novelty at the time – hardly four weeks after it had come online.
Today, even though the bitcoin atms can still be seen in the Golix offices in central Harare, the machine no longer dispenses cash, or facilitates any trades at all. Many Zimbabweans became scared, and felt that there was no need to continue to invest in cryptocurrencies if there is uncertainty about the future of it in the country.
Although, The exchange is challenging the RBZ ban in the Zimbabwe High Court, a case still pending.
Bitcoin will thrive in Africa if only financial regulators in the continent will let it flourish.