Tag Archives: zimbabwe

Zimbabwe seeks to use gold-backed crypto tokens to salvage the country’s economic situation. The Reserve Bank of Zimbabwe has dammed any potential consequences by selling 14 billion Zimbabwean dollars ($39 million) worth of gold-backed digital tokens. That is despite an earlier warning it received from the International Monetary Fund (IMF) not to go ahead with the plans. At the time, the International body cautioned about the potential risks of the plan, suggesting that Zimbabwe would be...

On April 23, the Reserve Bank of Zimbabwe (RBZ) said the gold-backed digital asset will be used as legal tender in the African nation. The move is part of an effort to stabilize the country’s economy and local currency’s continued depreciation against the U.S. dollar. According to reports in local media, the move will allow those holding small amounts of Zimbabwean dollars to exchange their money for digital tokens. This will help them store value and hedge against currency...

The African country of Zimbabwe is allegedly the next nation looking to make crypto legal tender. Regulators have released a statement claiming that they are examining the prospects of allowing bitcoin and its altcoin cousins to be used as forms of payment for goods and services. Zimbabwe Is Looking at BTC as a Currency Clearly, the nation is taking a page out of El Salvador’s book. The Central American region became the first country in the world two months ago to...

Zimbabwe rolls out new currency but limits weekly withdrawals. Hyperinflation makes it difficult for Zimbabweans to trust their government. Bitcoin appears to be the perfect solution as it eliminates the need to trust an authority like the government. In an effort to quell the effects of hyperinflation, Zimbabwe introduced the new generation Zimbabwe dollars. The Zimbabwean government, which plans to distribute one billion Zimbabwean dollars over the next six months, released the new...

A cryptocurrency exchange in Zimbabwe known as Golix is under fire after its CEO allegedly lost the private keys to the company wallet, thereby preventing customers from withdrawing their funds.What’s the Trouble with Golix?Twanda Kembo, the founder and primary executive of the Golix exchange, says he lost the password to the company’s cold storage unit in May of last year. Wow… So, it didn’t occur to you to inform your customers six months ago when this happened? You decide to wait until...