Tech savvy Zimbabweans have long used bitcoin and other cryptocurrencies to plug foreign currency and liquidity gaps plaguing the country, so much so that the southern African country has become one of Africa’s most active markets for crypto transactions. But that hedging strategy has suffered a major setback after the Zimbabwean central bank ordered finance houses to stop processing virtual currency payments and gave then a two-month ultimatum to put this into effect.
The announcement has thrown the country’s leading crypto currency exchange platform, Golix, into disarray. It has halted its planned token sale to raise $32 million under an initial coin offering (ICO) aimed at generating funds to expand across Africa.
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