In a move which is predicted to bring prosperity and develop the standard of living of Zimbabwe, a Bitcoin (BTC) and Litecoin (LTC) ATM is all set to be installed in Harare, the capital of Zimbabwe by the cryptocurrency exchange platform Golix.
Zimbabwe is amongst the many African countries that have been subject to a budding interest for cryptocurrencies. However, the country was not able to deal with its own currency, when inflation rates reached 79.6 billion percent in 2009, the highest in the world.
The revolutionary 2-way ATM was activated back in the first week of April 2018 in an attempt to match the increasing demand for cryptocurrencies.
Notably, Zimbabwe is not the only African country to have shown a lot of interest in cryptocurrencies as a few countries like South Africa and Botswana have previously already deployed crypto-ATMs in their states.
At present, only Zimbabwe and Djibouti have working cryptocurrency ATM machines. The fact that its cash suffered from extreme inflationary issues, Zimbabwe had no other option but switch to US dollars. Bitcoin and Litecoin could help the African country to confront the present issues the economy has by presenting a secure and trustworthy means of exchange to the populace. However, The circumstances are not any better even after such a long time, post the inflationary pinnacle.
According to Tawanda Kembo, the CEO of Golix, one of the crucial reason for introducing the cryptocurrency-ATM was to deliver an easy-to-understand method to purchase Bitcoin and other digital currencies in the market for individuals who have less experience and knowledge in this field.
Kembo highlighted the fact that, “despite the growing hype around Bitcoin and cryptos in Zimbabwe in just one year, a fair amount of individuals still do not understand the value of digital currencies even as an alternative to real money.”
He further added, “there are also some who have caught wind of Bitcoin and would love to invest in it yet they are held back by challenges like digital illiteracy. The crypto-ATM aims to be the solution to demands for something that would make the purchasing of cryptos simple.”