Bitcoin demand skyrockets as digital payment suspended in Africa

Tuesday 30 June 2020, 12:51 AM AEST - 5 months ago

Bitcoin demandBitcoin demand skyrockets as digital payment suspended in Africa 19

The Zimbabwe government, on Friday, 26 June, announced that with immediate effect, they are suspending all mobile money payments and operations of EcoCash, popular mobile money providers in the country. These directives are coming at a time when Bitcoin demand has surged not only in Zimbabwe but across Africa. The suspension hit the countrys stock exchange also as they were directed to stop trading.

According to the Zimbabwe government, suspending EcoCash, digital payment, the stock exchange, and all mobile money payment platforms was necessary to salvage the economy of the country and avert conspiracy to sabotage the collapsing Zimbabwe dollar.

Zimbabweans in their manifolds rely, however, on digital payments owing to the scarcity of hard cash as the government claims they are sabotaging the economy. Ecocash, the primary mobile money merchant in the country, is mostly used by citizens also to buy Bitcoin.

EcoCash to go head to head against government

The mobile money merchant that aids in satisfying Bitcoin demand in the southern African country announced that they would be acting against the governments directive, however.

They said in a tweet on Friday said that their customers should continue living the EcoCash way, claiming they are aware of the statement purportedly issued by the Secretary of Information, Publicity and Broadcasting Services placing a ban on all mobile money transactions.

But then they stated they are being regulated by the Reserve Bank of Zimbabwe and such a directive should come from the Reserve Bank and not the Secretary for Information. EcoCash further urged all their customers whom they say are over 10 million to continue with their lawful transaction and remain calm.

Zimbabwe introduced its domestic currency, the Zi ...

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