Bitcoin ATM In Zimbabwe Runs Dry As Country’s Financial Crisis Grows
Zimbabwe’s Bitcoin ATM Runs Dry
In recent years, Zimbabwe has faced serious economic crisis with inflation hitting unimaginable heights. The country lacks a stable national currency and citizens have turned to cryptocurrencies in order to transact. For this reason, Golix introduced an ATM to facilitate Bitcoin transactions. However, the move has become redundant since the country’s financial regulators banned cryptocurrencies.
In May this year, the Reserve Bank of Zimbabwe issued a statement banning all cryptos in the country. This statement was a blow to Golix and even for the people of Zimbabwe since it meant limited access to cash. With Bitcoin and other coins transfer of cash was easy and fast.
Golix In Zimbabwe
Golix wins the top position in the Zimbabwe cryptocurrency space and was a beacon of hope to the citizens. Its plan was to make easy for people in Zimbabwe to access funds and even trade in cryptocurrencies. Their ATM was much anticipated and when it landed it was a sigh of relief to the citizens.
However, barely a month since introducing the ATM, the financial regulator banned Bitcoin in the country. Consequently, the ATM doesn’t dispense any cash neither does it facilitate any transactions. It’s just lying there in Golix’s premises in Harare.
The company’s spokesperson declined to comment on the matter claiming that investigations were underway. Golix has sued the Reserve Bank and the case is being heard by the high court. Before the ban, Golix was optimistic that the ATM would help demystify the concept of Bitcoin in Zimbabwe. True to that, the platform had recorder huge figures in transactions with about 50,000 people trading various cryptocurrencies on the platform in the month of May.
What Next For Golix?
As much as a hearing date hasn’t been set by the courts, Golix is optimistic of a positive judgment where the ban would be lifted. The platform is talking of a GLX token on the sidelines and it’s said that their accounts were frozen when the ban came into play. The management is quiet about the whole matter. For now, Golix is working to expand across Africa.