Bitcoin Remains Stable As South African Rand Loses Value
The world economy is still feeling the effects of turmoil originating from China, where the markets are still in chaos and investors are looking to liquidate assets at an alarming rate. As a result of this panic, other currencies are being affected as well, as it all comes down to finding a market with some liquidity. South Africa’s rand felt the brunt of that effect, as the currency lost a fair bit of value against the US Dollar. Bitcoin, on the other hand, kept a steady course. Chinese Turmoil Causes Rand Drop. Similar to nearly every fiat currency in the world, the South African rand....
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In an abrupt move, Binance South Africa announced on March 31 that all South African rand (ZAR) trading pairs will be delisted on April 2. The crypto exchange adds in a statement that “all trade orders will be automatically removed after 10.00 UTC on April 1” in each respective trading pair. Binance concludes by requesting users to withdraw all funds before the 10.00 UTC deadline. ZAR No Longer Meets the Standard In justifying the decision, Binance South Africa states that it “periodically reviews each digital asset we list to ensure it continues to meet the high level of....
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That being said, it remains up to individual sellers as to what payment methods they are willing to accept. Not that there is any risk for sellers to accept Bitcoin, as Bidorbuy will take care of the acceptance and conversion to local currency. Bitcoin can make a big impact in Africa, as the continent lacks a stable financial infrastructure in most areas. On top of that, most African countries are plagued by hyperinflationary fiat currencies, making it that much harder for people to make ends meet. Now that Bidorbuy accepts Bitcoin payments, the digital currency suddenly becomes more....