Limitations impact Bitcoin activities in Zimbabwe

by in Bitcoin News

Zimbabwe bitcoin

Zimbabwe's central bank takes steps to shut down mobile money agents. Activity amount will be limited to $50 per day. Moreover, each user can have only one mobile money account. These instructions were made as a result of the financial system revision by the Reserve Bank of Zimbabwe (RBZ).

Zimbabwe's Mobile MOney Operations seems to have dropped interest to oppose RBZ. Ecocash announces that frozen accounts will be converted into the troubled agent’s regular bank account. Removals will need RBZ permission on individual cases.

Ecocash tried to take actions against RBZ decisions in national halls but as a result of long-lasting trials, now RBZ has got control over Ecocash. There is an opinion, that although RBZ has been winning, the new limitations will influence market activity. The re-dollarization process can also be hastened. The closing down of virtual money operators will probably increase the interest and consumption of the banknotes and options like bitcoin.

Currently, virtual money users are trying to get the answers to the question of how they will overcome the current situation as many of them have more than one account. They expressed their complaints on social media finding the new rules absurd and unfair.

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These changes will likely influence bitcoin dealers that receive mobile money. The fixed daily activity limit is a great challenge for them. All these suggest simple bitcoin activities will have to be managed in person. Many traders now hold difficulties to arrange their daily activities.