Bitcoin, Crypto currency, Blockchain

Zimbabwe: Bitcoin now out of the vending machine

430c96a61c177e9d95266c34f53a7c22 - Zimbabwe: Bitcoin now out of the vending machine

In Zimbabwe, a Bitcoin ATM is now available. It is the first ATM in the country, to both Bitcoin as well as Litecoin. Golix, the largest stock exchange in the country, introduced him to.

The inflation rate in Zimbabwe in 2009 was already so high that the country suspended its own currency temporarily. 30. September 2015, the demonetization of the Zimbabwe dollar, then followed – he was now worth nothing. To bridge the currency, lack of, accepted you first, among other things, the US Dollar. But even here there were problems. Ultimately, the Central Bank of the country is not able to print the US Dollar. Apart from that, the economy of the South African country is worsening and that only a few US dollars coming from abroad, in the country. In short, There was (and is) too little US Dollar in Zimbabwe.

This led, ultimately, so far, that people were standing in front of empty ATMs, and nothing could stand out. Even if it succeeded, was debited to the Bank account many times higher than has actually been paid.

Bitcoin helps Zimbabwe in crisis

For many people, these factors were the trigger to use crypto currencies. Instead of paying the banks high fees, they could send their money from abroad in the home – even if they had currencies in the international comparison, much higher costs for the purchase of Crypto.

In this context, Golix, the largest stock exchange in the country set up, in April, 2018, a Bitcoin ATM. As a result, people in Zimbabwe can now buy directly from the vending machine both Bitcoin as well as Litecoin and sell. The machine is currently in Harare, the capital of the country.

According to local media, the operator of Golix want to reach with the vending machine also people who were previously deterred from moving in the digital space, to buy Bitcoin. Out of necessity Zimbabwe is in order, apparently, to a advanced the country on the path to decentralized Blockchain-state.

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