Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo
Image by antanacoins
Bitcoin coins photo.
Physical bitcoin statistic coin Antana.
Zimbabwe has been shuddering all century from a failing economy that continually causes cash shortages and tumultuous market inflation. According to a recent editorial from the African Mail & Guardian, some economists are suggesting bitcoin as an alternative.
Also read: Ontario Securities Commission Hosts Fintech Hackathon
Economist Says Zimbabwe Could Benefit From Bitcoin
Since the year 2000, Zimbabwe’s economy has suffered through a deep economic recession. The country has experienced widespread poverty and exponentially high unemployment rates. The government abandoned the Zimbabwe dollar in 2009 due to hyperinflation, and has been suffering from cash shortages.
One economist from the region, Phillip Haslam, believes bitcoin could give Zimbabwe’s economy a boost. Bitcoin is a stable asset not backed by a corporate entity or central bank, and has gained attention across the African continent. Haslam said that bitcoin, alongside fixing fluctuations in cross-border trade, could be the answer.
“We are very excited about bitcoin as a stable currency alternative. The thing about bitcoin is once you import it into the country, you don’t have the problem of the currency eroding and perishing like you have with notes. It’s a system that allows for privatized banking. Effectively, the bitcoin system is both a currency and international payments platform,” explained Haslam.
The Bitcoin Seeds Have Already Been Planted…
Some Suggest Bitcoin As An Alternative for Zimbabwe
• US stocks fell on Wednesday as energy sector shares dropped for a fourth straight session, tracking crude prices, while a late run-up was thwarted by concerns over the passage of a tax revamp after Republican senators were critical of the proposal.Share Tips Expert
ReplyDelete