Golix exchange to leave Zimbabwe

In Zimbabwe, the local cryptocurrency exchange Golix has decided to move out of the country due to the increased regulatory pressure. This has been confirmed by the high-ranking employees responsible for the organization development.

Furthermore, the representatives of the exchange also shared their plans to expand to Kenya, South Africa and Uganda anyway. This is why their move will not affect the future life of the exchange critically.

The relocation has been motivated by the explicit prohibition of all digital currency activities in Zimbabwe. As Bitnewstoday noted, not even Robert Mugabe has taken such measures in the past, and he was internationally considered one of the most notable human rights violators.

Over the years, Zimbabwe’s fiat currency has failed to remain stable, and amidst the coup that brought an end to Mugabe’s rule, Bitcoin has become over $10,000 long before this milestone was achieved worldwide. This fact made some economic experts believe that Bitcoin could serve as a store of value in the third-world countries, while it still cannot compete with fiat currencies of the first world.

Image: Richard Vandervord