A technical glitch plaguing Golix, the major cryptocurrency exchange of Zimbabwe has caused a major setback for Bitcoin traders. The exchange is failing to cancel or process any order leading to major fiasco in the crypto trading platform. Foreign currency shortages in the country had provided a positive stimulus to the usage of cryptocurrencies which was till date processed by Golix, the solitary Bitcoin exchange platform in Zimbabwe. Experts have announced previously that with formal banking channels being soaked out of foreign currency, Bitcoin is increasingly being used for remitting money to Zimbabwe and sending money abroad. The root cause of the glitch suffered by this major exchange on Wednesday has yet not been resolved.
Also Read: Bitcoin Offers A Ray Of Hope To The Crippling Zimbabwe
This event occurred exactly one day after the massive internet outage faced by Zimbabwe on Tuesday causing most of the internet platforms and applications being taken offline. Golix issued an email addressed to the users and traders on Thursday stating that, “We are currently experiencing a technical fault and our technical team is currently investigating the problem. Until the problem is fixed you will temporarily not be able to place or cancel orders.”
Techzim, a Zimbabwean technology blog also reported that, “Users expressed frustration with the downtime as the exchange was not fulfilling any orders” with no exact time committed for resolving the issue. Techzim also added that, “Golix has become a lifesaver for users in the diasporans who send money home as the premium on BTC fetches at much as 100%, way more than what the streets are giving.”
The email circulated amongst users and traders operational in Golix platform stated that users “can still deposit or withdraw funds” using the platform. The price of Bitcoin in Zimbabwe was lingering at about $15500 this week however the recent soaring market have caused the price to edge over an all-time high of $26,000.
At the time of publishing this article, Bitcoin price on Gloix was $31,997
Local bond notes were issued by the Zimbabwean government which had claimed to have equal value as that of greenback issued in last year’s November for tackling liquidity challenges faced by the economy. But these did not provide any long-lasting relief and the individuals and companies resorted to Bitcoin as the ultimate safe haven.
With Zimbabwean banks failing big time, the trade volume of Golix exchange pumped up to $1 million figures. Mobile money has also experienced significant rise in Zimbabwe. It was revealed by the Posts and Telecommunications Regulatory Authority of Zimbabwe that the transactions entered into using mobile wallet have topped $1.2 billion during the third quarter of 2017. The Reserve Bank of Zimbabwe (RBZ) is however carrying on deep research on this dynamic subject of cryptocurrency and its usage in the country which surely is necessary before imparting a legal tag to the same.
Also Read: Bitcoin Not Legal In Zimbabwe, Says An Official Of Central Bank
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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