Some Suggest Bitcoin As An Alternative for Zimbabwe
Zimbabwe has been shuddering all century from a failing economy that continually causes cash shortages and tumultuous market inflation. According to a recent editorial from the African Mail & Guardian, some economists are suggesting bitcoin as an alternative. Economist Says Zimbabwe Could Benefit From Bitcoin. Since the year 2000, Zimbabwe’s economy....
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Bitcoin startup Bitmari is leading efforts at introducing a Zimbabwe Women Farmers Accelerator program that is aimed at opening the doors of bitcoin to farmers as an alternative to cash, reports TechZim, a Zimbabwe technology news site. The bitcoin-based money remittance service for the African market based in Zimbabwe has recently been laying the foundations to extend its financial services to a small group of rural female farmers through an accelerator program. The Zimbabwe Women Farmers Accelerator has been set up that will work with ten women farmers from ten provinces. Its aim is to....
Whether Bitcoin would be a better option for the southern African state of Zimbabwe to adopt as an alternative method of payment or not has triggered an online discussion this past week. It follows the news that Zimbabwe will soon print its own version of the U.S. dollar as its economy suffers a severe US dollar shortage. On 4 May 2016, Governor John Mangudya of the Reserve Bank of Zimbabwe (RBZ) announced that the government will later – possibly this month - issue bonds with a total value backed by a US$200 million Africa Export Import Bank (AFREXIM) facility. Writing in a piece....
Zimbabwean lawyer Simba Machiridza has written a white paper on the state of the preparedness of the country as a base for Bitcoin companies. He concludes that Zimbabwe is an ideal destination. Machiridza believes Bitcoin offers a viable alternative to Zimbabwe’s current financial framework, and wrote the paper in order to analyze whether it would be possible for Bitcoin to be adopted in the country, which has a multicurrency regime. He concludes in the white paper that the laws currently in place in Zimbabwe would permit the application of Bitcoin, should the authorities adopt an open....
Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that some 30% of the country’s youth are now invested in cryptocurrencies.
Zimbabwe Ready to Make Concessions on Cryptos
According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these....
Zimbabwe, currently faced with incredible inflation and tough sanctions, could massively benefit from increased adoption of the open network of Bitcoin.