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
Read more ... source: TheBitcoinNews
Advertise on the Bitcoin News
Do you like The Bitcoin News ? Thank you for Support us !