Published on November 15th, 2017 | by bitcoin0
Zimbabwe Doesn’t Have Its Own Currency bitcoin is Surging.
Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power.
Demand for Bitcoin in Zimbabwe has surged amid a shortage of hard currency.
Zimbabwe doesn’t have its own currency, with the government adopting the U.S. dollar and South African rand, among others, as legal tender in 2009 after hyperinflation rendered the local dollar worthless.
Prices for Bitcoin are set by supply and demand, according to Taurai Chinyamakobvu, co-owner of the exchange.
While most major currencies are legal tender in Zimbabwe, cash-strapped importers and retailers buy dollars — or any currency easily converted to dollars — at premium prices by paying the seller electronically.