Zimbabwe is now part of the nations that feature cryptocurrency ATMs in their countries. The largest cryptocurrency exchange in Zimbabwe, Golix, has decided to install a Bitcoin and Litecoin ATM in the capital city of Harare.
Zimbabwe New Crypto ATM
Zimbabwe is a country that was not able to deal with its own currency. The inflation rates reached 79.6 billion percent in 2009, the highest in the world. But how does a population trust its institutions when they are not able to provide a trustworthy currency?
That’s one of the main reasons why Golix has decided to install a Bitcoin and Litecoin ATM in Harare. Zimbabwe has a growing interest for cryptocurrencies as well as other countries in the region.
The 2-way ATM was activated in the first week of April in order to attend the growing demand for these virtual currencies. Different countries in the Africa continent have decided to deploy crypto-ATMS in their states. At the moment, only Zimbabwe and Djibouti have functioning crypto cash machines.
Zimbabwe had to switch to United States dollars due to the fact that its currency suffered from severe inflationary problems. Bitcoin and Litecoin could help Zimbabwe to face the current problems the economy has by providing a trustful means of exchange to the population.
The situation is not better years after the inflationary peak. Foreign currencies are hard to be found and are generally transacted in the black market on the most important streets in Harare. In the past, Bitcoin and other virtual currencies were traded at VIP prices due to the increased demand in the country. With these new ATMs the Zimbabwean society will be a step closer of having a normal financial life.
Crypto Interest in Africa
Africa is showing a growing interest in Bitcoin and other digital currencies in the market. Different countries are being at the forefront of blockchain and crypto developments in the country. South Africa, Nigeria and Ghana are some of these countries embracing blockchain technology and cryptocurrencies.
South Africa is the hosting country of one of the most important blockchain and crypto conferences in Africa. As we reported some time ago, the interest for Bitcoin and other cryptocurrencies remains high in South Africa, even when the markets are down and the worldwide interest decreased since December 2017.
In Ghana, for example, a local start-up works with blockchain technology in order to solve one of the main problems the country faces: land ownership rights. More than 80% of the landowners in that country do not have the title of their properties. Blockchain technology could help the local authorities to improve this situation and have under control who is the real owner of the land.
Kenya has a similar problem. Joseph Njuguna, a landowner from Kenya, was informed by a friend of him that a group of people was excavating in his piece of land near Nairobi. In order to solve this problem, a Nairobi-based firm, announced its plans to launch a private land registry to help its client buy and sell property safely.