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Zimbabwe Halts Mobile Transactions as Hyperinflation Spurs Currency Flight

zimbabwe-halts-mobile-transactions-as-hyperinflation-spurs-currency-flight

Zimbabwean banknote (Fedor Selivanov/Shutterstock)

Zimbabwe’s central bank, seeking to block attempts to avoid the country’s hyperinflation, halted all transactions conducted by “mobile money agents” this week, and limited payment sizes through other processors.

  • This impacts potentially up to 85% of all transactions.
  • Residents with money stored in one of these mobile providers will need to visit a local bank to withdraw their funds.
  • In a statement, the Reserve Bank of Zimbabwe said the move is necessary to “[p]rotect consumers on mobile money platforms which have been abused by unscrupulous and nonpartisan individuals and entities to create instability and inefficiencies in the economy.”

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https://www.coindesk.com/zimbabwe-halts-mobile-transactions-as-hyperinflation-spurs-currency-flight

Written by btcethereumadmin

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