The authorities of the country where a flourishing black market, has restricted the flow of capital, but also blocked the possibility of payment by Bank card. The population tends to keep their savings, therefore buying dollars and bitcoins.
In fact, the only alternative to the usual means of payment in Zimbabwe are cryptocurrency and the demand for them is growing exponentially.
For example, car buyers want to pay in bitcoins, and sellers are in turn happy to agree to such a deal.
A new crisis in Zimbabwe is not far off. The black market is booming, government bonds will soon turn into a paper, and inflation will again raise its head. Waiting for the next collapse people are trying to withdraw their savings from the country, but the financial system is so bad that it often simply impossible.
In fact, the only viable alternative cryptocurrencies are. That is why the demand for them in Zimbabwe is huge. Not surprisingly, the price of the bitcoin, there is almost two times higher than in the rest of the world.
The use of bitcoin in Zimbabwe is increasing exponentially, as the government began to stop all credit card payments and restricted the flow of cash in and out of the country. This award reflects the mad desire to find ways of making transactions in the economy, where traditional means of payment are unacceptable.
Cryptocurrency is actively taking root in the country. For example, want to buy cars want to pay makinami, and sellers in turn even happy about this turn.
Recall that Zimbabwe has already experienced a hyperinflation in 2008, the money then literally drove the trucks. In the near future the situation could be repeated.
Zimbabwe: when a "black market" became the main
"Black markets" appear every time when the market becomes dysfunctional. Then they begin to flourish is directly proportional to the inability of formal markets to function freely.
In fact, they are a barometer and a system of checks and balances for official markets.
Back in 2008 there was a marked increase in "black market" in Zimbabwe because the country has moved from inflation to hyperinflation.
The population used a different currency (primarily US dollar) as the currency "black market". The government, desperately trying to force his people to return to the dying dollar Zimbabwe banned the use of the U.S. dollar.
The use is clearly a more stable currency is of course not affected. Trade did not stop, money exchange still continued.
The only real change was that the Zimbabwean government has managed to get out of the money loop.
The point is that when the government brings down its official market and black market in equal measure recreates the "free" market. Its very illegality proves that he can effectively operate outside any rules.
In 2008, the Zimbabwe dollar collapsed due to hyperinflation. The largest bill was the bill of $100 trillion. But it soon became useless from the point of view of purchasing power.
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