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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,441FansLike
2,795FollowersFollow
4,192FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Chinese Internet Giant Arm, Tencent Cloud, Looks to Form A 100-Member Blockchain Alliance

Tencent’s cloud computing arm venture is bringing together a 100-member blockchain alliance to further blockchain implementation and find new real-world use cases of the...

OKEx Crypto Exchange Launches ETH Options Contract; EOS Options Trading to Follow

One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th. On June 18th, the...

Bitcoin Market Currently in ‘Fear' But Don’t Try to Predict What’s Gonna Happen Next

Bitcoin will do what bitcoin does. And if anyone tries to bet on the digital currency’s next move, it will prove you wrong. We have seen...

Fed Reserve of Philadelphia Research: Account-Based CBDCs May Replace Commercial Banks

A research paper published on June 1, 2020, by the Federal Reserve of Philadelphia shows account-based central bank digital currency (CBDC) could potentially replace...

US Federal Bank Regulator (OCC) Issues Notice for Feedback on Crypto and DLT Activity

The Office of the Comptroller of Currency (OCC) has asked for feedback in matters crypto and distributed ledgers according to two notices published on...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today