Zimbabwean Dollar Now Collapses, What Direction Should They Go?
Zimbabwe's currency, the Zimbabwean dollar, is undergoing super-hyperinflation. It is not on its last legs, its kaput, its collapsed, its down and out. Zimbabweans will have to exchange quadrillions of local dollars to gain a few US dollars next week. What would you do? There are various options that Zimbabwe might go in. Create a new fiat currency. Create a new fiat currency. Adopt the US Dollar. Adopt Bitcoin. Create their own digital currency. If they create a new fiat currency then who in the global market would accept it? How long would it take to create, and get accepted into the....
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Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform. Zimbabwean Nationals Blocked Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing....
The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again.
Government Focused on Strengthening Local Currency
Instead of entertaining those calling for the dollarization of the Zimbabwean economy, Ncube suggested his ministry is in fact focused on defending the value of the zimdollar. According to a report by the Sunday Mail, the Zimbabwean minister made these comments while speaking at a pre-budget seminar held in Victoria Falls.
Since its reintroduction in....
While the hyperinflationary episode technically peaked in Zimbabwe in 2008, its national fiat currency has finally reached its painful end. At the current rate, one US dollar will buy you 35 quadrillion Zimbabwean dollars - toilet paper is worth more. Zimbabwe was the first country in the 21st century to suffer hyperinflation, and it has never escaped. Bad governance, led by strongman dictator Robert Mugabe, and almost no economic activity and production doomed the country to one of the worst economies on planet earth. What Does This Look Like? “Bank accounts with balances of up to 175....
A Zimbabwean fintech lawyer, Prosper Mwedzi, recently initiated a process that seeks to bring recognition and regulation of cryptocurrencies. Under this private member bill procedure, a legislative proposition initiated by private citizens will be debated in the Zimbabwean parliament. If the crypto regulation bill succeeds in garnering the required support, it will become part of the country’s national laws. Meanwhile, Mwedzi’s attempt to use the private bill to bring regulation to Zimbabwe’s crypto space comes more than two years after the Reserve Bank of Zimbabwe (RBZ)....
A Zimbabwean business lobby group, the Confederation of Zimbabwe Industries (CZI), has warned that the country’s currency could collapse if authorities fail to “implement policy measures that are needed to support it.” Central Bank Approach Unsettling the Market In a letter seen by Bitcoin.com News, the lobby group’s president Kurai Matsheza explained that the heavy-handed approach towards the foreign exchange challenge would be unsettling to markets. To ensure that this challenge is fully tackled, the CZI boss insists that measures, which were agreed upon by....