Zimbabwe Gets Its First Cryptocurrency ATM

Zimbabwean cryptocurrencies exchange Golix has launched and activated the country’s first ever Bitcoin ATM which will allow customers to buy and sell Bitcoin and Litecoin.

Golix announced the launch last week in a blog post on its website. The Bitcoin ATM will be located in the exchange’s offices in Harare.

Zimbabwe has a growing interest for cryptocurrencies as well as other countries in the region. 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. The 2-way ATM was activated in the first week of April in order to attend the growing demand for these virtual currencies.

Africa adopting crypto fast

Different countries in Africa 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 US 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.

Why the need for crypto in Zim?

Nearly every business in Zimbabwe would typically need some type of hard currency in the past. The reason is that almost everything in the country was imported. The situation didn’t improve at all with the banks reducing how much people could take out and other restrictions they instilled. In fact, it kept the black market going and made it easier for illegal activities to take off.

The need for an alternate method of currency was a must. Students wanted to pay for their educations and people wanted to be able to buy things like cars and electronics. It forced a need for the cryptocurrency exchange to open in the somewhat unstable country.

Zimbabweans believe if they convert their money to Bitcoin, they will not lose money. Of course, we all know that Bitcoin rises and falls, it was just over $10,000 and now has dropped just below. But the people of the country find it a more stable and reliable currency than their own. They also see it as an optimal way to convert currency to pay for larger items like cars, products and services.

Who are Golix?

Golix is a cryptocurrency exchange platform that is primarily based out of Zimbabwe. Until Golix apparently, it was difficult this year to get any currency out of the country. Banks and other financial institutions reduced their avenues to release their funds or restrict at the very least how and how much a member could withdraw. Others made a requirement that accounts be pre-filled with United States Dollars.

For more information check out their website here - https://golix.com/

Zimbabwe to Hodl

Personally, I think the use case for crypto in countries like Zimbabwe couldn't be a better real-world test for the technology.

While Especially with an already established, highly secure cryptocurrency like Bitcoin. While crypto may be volatile it is much less so compared to countries that suffer from hyperinflation or have ad the abandon their currency almost entirely in favour of the US dollar. Taking foreign aid doesn't come without a price, a hefty price that will be paid off by generations as a result of short-term thinking.

Using cryptocurrency also helps the people of Zimbabwe navigate around monetary restrictions, get money in and out of the country with relative ease and boost trade in a microeconomic level, which as it spreads can have a greater effect not only on their economy but the crypto-economy too.

Have your say

What do you think of CryptoATMs? Will it help spread mainstream adoption? Is it just a gimmick? Will it help countries like Zimbabwe who suffer from hyperinflation? Will countries like Zimbabwe and the like be able to convince the world that crypto is the way to go?

Share your thoughts with me in the comments below

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Sources

• IOL
• IT Web Africa
• Venture Burn
• RTT News