Bitcoin traders in Zimbabwe and South Africa are seeing skyrocketing premiums on their bitcoin (BTC), according to a report from financial news outlet Fxstreet on July 2. Amid new capital controls in South Africa and Zimbabwe’s recent ban on local trading in foreign fiat currencies, local traders have reportedly seen asking prices of as high as $50,000 per 1 BTC if they attempt to purchase the coin from abroad. At press time, bitcoin is trading above $10,915 on South African crypto exchange Luno, according to CoinMarketCap data — 10.5% above its price point on Cointelegraph’s bitcoin price index. Meanwhile, other …

This article previously contained statements implying that Binance DEX itself — rather than its website — was geoblocking users. It has been updated for accuracy. The decentralized exchange (DEX) developed by major cryptocurrency exchange Binance will block website access to users based in 29 countries. The Binance DEX website informs potential users of the restriction via a message that appears when accessing the platform from one of the regions. The message appearing on the platform states that accessing the website from certain countries will be restricted starting on July 1: “It seems you are accessing www.binance.org from an IP address …

Zimbabwe Stock Exchange (ZSE) chief executive Justin Bgoni says ZSE is interested in adopting blockchain technology if regulatory certainty can be achieved, according to a report by local news daily The Chronicle on May 20 Bgoni, while in favor of blockchain technology, is waiting to apply blockchain technology at ZSE until regulatory certainty issues have been resolved: “Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the …

Bitcoin (BTC) has a substantial liberating potential, American mainstream newspaper Time reports on Dec. 28. The aforementioned article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.” Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent. To circumvent such conditions, Venezuelans have reportedly turned to cryptocurrency, …

Zimbabwe’s new finance minister said the country should embrace Bitcoin at state level in a manner similar to Switzerland, local media outlet IT Web Africa reports Monday, September 17. Citing the Swiss central bank’s “investment and understanding” in Bitcoin, Mthuli Ncube said he would call on the Reserve Bank of Zimbabwe (RBZ) to follow in its footsteps. “Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies,” the publication quotes him as saying. “But there are other countries which are moving faster. If you look at the Swiss central bank they …

The Reserve Bank of Zimbabwe (RBZ) has initiated studies of blockchain technology with a view to subsequently embrace the technology and integrate it into the bank’s business processes, local news outlet NewsDay reported July 5. Speaking at the Alpha Media Holdings’ Banks and Banking breakfast meeting in Harare yesterday, RBZ governor John Mangudya reportedly said that the bank is looking to embrace the technology. He stated that central banks in a number of countries, including China, the U.S., U.K., and South Africa have been considering blockchain deployment for their own activities. Mangudya continued: “I did not say cryptocurrencies because it …

Zimbabwe’s central bank has recently banned dometic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12. According to the report, the Reserve Bank of Zimbabwe’s (RBZ) director and registrar of banking institutions Norman Mataruka issued a circular Friday ordering all financial institutions to terminate servicing cryptocurrency exchanges within 60 days and begin to liquidate existing crypto-related accounts. Financial institutions have been ordered to “ensure that they do not use, trade, hold and/or transact in any way in virtual currencies,” a move which applies to both businesses and individuals. Explaining the decision, Mataruka highlighted the interconnectedness …

Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent. Lack of economic infrastructure paired with inadequate financial education has left a large portion of Africans without bank accounts or basic monetary means. However, in many countries the proliferation of smartphones has allowed access to alternative financial services which have become a dominant means of payment, especially among the high proportion of millennials. Bitcoin’s appeal is in large part due to its accessibility and inclusivity, …

How legal and useful is Bitcoin in Zimbabwe, the country which has been faced with a difficult economic situation for decades? The South African country has some issues with its currency that has almost brought it to its knees. It has found it extremely difficult to move ahead with the plan to revive the economy. Bitcoin is not illegal According to Simbarashe Machiridza, who is the compliance officer at Bitfinance, a Bitcoin exchange that serves users across Africa, Bitcoin use is legal in Zimbabwe but it is not a legal tender, that is “... Although it’s not against the law …

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. Africa …