The use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept. In all the chaos, the price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible.
Recent reports from Venezuela, where hyperinflation is actively routing the economy, indicate that a similar rise in Bitcoin usage has taken place. Citizens have been forced to turn to non-governmental sources for business purposes, leading to suggestions that such economies could face ‘Bitcoinization’.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Will be interesting to see how Bitcoinization works. It seems the only way governments can stop bitcoin is by turning off the entire internet. Let's hope that digital currency will work out better for these countries than their own fiat currency.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@ankitkumar Its very interesting info.. Great post keep it up.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit