Quartz Africa reports on the 10th of July after the government banned the use of foreign currencies on the 24th of June trading bitcoin in Zimbabwe has skyrocketed.
In the month of May 2018 Zimbabwe’s central bank banned local exchanges from offering cryptocurrency transaction, the result of the ban is an increase in peer – to – peer (P2P) crypto trading.
The Zimbabwe government recently reintroduced the Zimbabwe dollar (ZWD) after abandoning it in 2009, because of the uncertainty associated with the Zimbabwe dollar bitcoin has become more attractive to the citizens. According to the report citizens of Zimbabwe have been using services such as Paypal, Moneybookers, and Western Union to trade bitcoin outside Zimbabwe. Over the past week, Zimbabwean has been trading bitcoin at prices up to $12,700.
Before the central bank's Ban of crypto services, Zimbabwe was known as one of the most active crypto markets in Africa. There was a surge of bitcoin trading in Zimbabwe recently, a number of media commentators claimed that bitcoin was being traded locally at prices as high as $76,000.