Zimbabwe has had no cryptocurrency exchanges since May last year, with trading thus necessarily occurring on P2P platforms such as Localbitcoins.
P2P Platforms Post Record Volume
The phenomenon closely mirrors similar stories which continue to define Bitcoin’s rise in mainstream culture. In particular, it is countries such as Venezuela where citizens have put their faith in crypto in the face of unreliable fiat alternatives.
Discussing threats to stage mass protests if the Zimbabwean government does not change course, Azte.co CEO Akin Fernandez thus forecast a persisting appetite for Bitcoin going forward – should authorities also attempt to enforce their existing ban.
“Replace ‘USD’ in this story with ‘Bitcoin’ and you get a glimpse into the future of not just Zimbabwe, but every country on earth,” he wrote on Twitter.
They’re right to reject these measures wholesale. Money is a service that should be provided exclusively by the market, and never by the State.
Decentralized exchange Bisq (formerly Bitsquare) led the surge, with Localbitcoins still losing traffic after officials removed the option to exchange for cash last month. As Bitcoinist reported, the decision did not prove popular, with competitors actively luring traders elsewhere.
Bisq managed to generate volumes of $10.7 million in the seven days to June 29, a number far above the week prior, which at $6.1 million was in itself record-breaking.
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Images via Shutterstock, LocalBitcoins
