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Bitcoin spikes 18% above market rate amidst Zimbabwean dollar crisis

Bitcoin spikes 18% above market rate amidst Zimbabwean dollar crisis

Cryptocurrency continues to trail through a bullish pathway in many African countries. Even with strict regulatory guidelines, Bitcoin has continued to defy the odds while raking in the numbers with an ever-increasing trading volume. This has been the case with Zimbabwe.

The leading Cryptocurrency has reportedly spiked by 18% above the market rate shortly after the Zimbabwean government ordered the closedown of the country’s largest digital payment application Ecocash.

Zimbabwe bans digital transaction platforms

The Zimbabwean based mobile money transfer application which controls 94% of the country’s mobile transfer was asked to put an end to all its trading activities after a written press statement from the government, where leading mobile-based transaction platforms like OneMoney, MyCash, TeleCash, and EcoCash were asked to quickly fold up.

"Ecocash is acting as the centre pivot of the galloping black market foreign exchange rate therefore fuelling the incessant price hikes of goods and services that are bedevilling the economy & causing untold hardship yo the people of Zimbabwe."

Ecocash destroyed the economy?
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