Bitcoin is traded with 600% premium in Zimbabwe

zimbabwe bitcoin

Bitcoin, the most dominant crypto currency, is already mooning in Zimbabwe. In the African country you pay a whopping $ 76,000 on the cryptocurrency exchange LocalBitcoins in the African country.

The rate, which has risen due to much more demand than supply, has reached this value after the Zimbabwean people are forbidden to pay for goods or services in US dollars or another foreign currency. Instead of using foreign currencies, residents should use the Zimbabwean dollar. This measure did not appeal to the population, which again feels betrayed by its government.

Bitcoin payments, which have been banned by the Reserve Bank of Zimbabwe since May 2018 , because of its disruptive nature, now seem to be mainly through LocalBitcoins.

Bitcoin appears to be gaining popularity in countries such as Venezuela and Argentina due to the economic situation.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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