Zimbabwean authorities are closing down Bitcoin mining operations after it became a focal point for the black market.
Key points:The operators say they will be selling off their assets in a bid to stem the growing problem of black market transactionsThe country’s mining regulator says it has received reports of black markets buying bitcoin for more than $2,000″The operators of the Bitcoin mining facility in Harare, Zimbabwe, say they are selling off all their assets to stem demand for bitcoins in the country.
The Zimbabwean mining regulator said it has been receiving reports of bitcoin transactions of more than US$2,300 (S$2.17m) per day, including those for up to 10 times the normal price.
Bitcoin prices have soared since the start of 2017, reaching over $7,000 per coin in late January, up from around $2.25 in mid-2017.”
The price of bitcoins have been trending upward in recent weeks,” he added.”
Now we are seeing bitcoin prices fluctuate as much as 5 to 10 per cent.”
The price of bitcoins have been trending upward in recent weeks,” he added.
Bitcoin Zimbabwe is Zimbabwe’s national bitcoin mining operation and the first in the world to receive a licence from the government.
The operation has been operating since early 2017 and has been the source of controversy over the last few months.
In February, authorities shut down the operations after receiving reports from a bitcoin dealer who said they were selling bitcoin for $500 per coin.”
I am not a criminal, I am a private citizen,” he said.”
There is no crime in selling bitcoins.
There are no black market operations.
I will not sell bitcoins, but I am not going to stop selling them either.
“Bitcoin is an open-source digital currency that has attracted interest from many governments around the world.
Its use as a medium of exchange is unregulated by governments and there are no centralised exchanges.
However, it has drawn in some of the world’s largest financial institutions and a large number of private individuals.
In recent months, black market activity in Zimbabwe has grown to include more than 30 bitcoin-denominated websites, including the Silk Road, which the authorities shut last year.
Last year, the government also banned the importation of bitcoin into the country and launched a crackdown on the black markets, seizing the largest bitcoin hoard in the city of Harare.