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Over 10,000 investors, mainly from Harare and <a href="https://www.pindula.co.zw/Chitungwiza/">Chitungwiza</a>, have suffered significant losses after a Bitcoin investment scheme abruptly closed down without warning. The scheme, allegedly run by Phineas Chakanyuka, promised investors profits of 35% every two weeks on their initial deposits of between US$100 and US$300 000, according to <a href="https://www.newsday.co.zw/technology/article/200018777/faudster-gets-millions-from-bitcoin-investors">NewsDay</a>. However, investigations revealed that investors could earn Bitcoins for free through Bitcoin faucets, such as playing games or completing online tasks.
Chakanyuka closed all his offices and could not be reached for comment. In a message sent to Bitcoin Interchange WhatsApp groups, Chakanyuka claimed that the system upgrade was successful and operations would resume soon. The message read in part:
<blockquote>
Our most valued clients.
We are pleased to announce that we are still progressing very well. Our system upgrade was completed successfully. We are continuing to work tirelessly to resume operations. We had indicated that we will open on November 7 to November 14. However, there are still a few requirements that we are yet to complete on our side with our broker, the Reserve Bank of Zimbabwe and the police.
Thank you for your continued patience in our very last phase towards official opening next year. Any inconvenience caused is sincerely regretted. Bitcoin Interchange is here to stay. Please note that your funds are available and safe. Once we get the green light we will pay everyone.
</blockquote>
Peter Munyai, one of the investors, sold his house to invest in the scheme and now finds himself in a stressful situation. He told NewsDay:
<blockquote>
I am stressed. I sold my house and invested and now this guy is nowhere to be found. We are organising ourselves so that we make an official police report. Other disgruntled investors have already reported him to the police. 
</blockquote>
The police spokesperson, Assistant Commissioner Paul Nyathi, stated that they have not yet received a report from the aggrieved parties. He said:
<blockquote>
I haven’t received such a report at the moment. I will definitely give you details as soon as I get that information.
</blockquote>
<h3>What is Bitcoin?</h3>
Bitcoin is a digital cryptocurrency invented in 2008 and released as open-source software in 2009. It is stored in digital wallets and can be sent to other people. Transactions are recorded in a public list called the blockchain. Bitcoin experts say that the reward for mining Bitcoins will continue to halve every four years until the final bitcoin is mined, which is predicted to be around the year 2140.
This means experts predict it will take approximately 120 years, until the year 2140, for all the bitcoins to be mined. Currently, new bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems. As a reward for their computational efforts, miners receive newly minted bitcoins. However, the reward for mining is designed to decrease over time. This reduction in the reward is programmed into the Bitcoin protocol and occurs approximately every four years through a process known as the “halving.”
Eventually, after numerous halvings, the reward will become so small that no new bitcoins will be created. At that point, all 21 million bitcoins that can ever exist will have been mined, and the system will rely solely on transaction fees to incentivise miners to validate and secure the network. The estimated year 2140 is when experts believe this final Bitcoin will be mined, marking the completion of the Bitcoin mining process.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Over 10,000 Investors Suffer Losses As Bitcoin Scheme Closes Down Without Warning

A man from Harare who specializes in cryptocurrency has been accused of stealing $457,000 from an eye specialist. Lloyd Chiyangwa, 30, appeared before a regional magistrate and was charged with theft and money laundering.
The complainant allegedly purchased cryptocurrency in July 2020 while in India from a company in the United Kingdom. Upon his return to Zimbabwe in 2021, he engaged Chiyangwa to set up Bitcoin wallets, sell his Bitcoins, exchange or move tokens from one wallet to another, and purchase other cryptocurrencies for his portfolio.
Chiyangwa created five wallets for the complainant, including Trust Wallet, Exodus, Cosmostation, Wemix, and Metamask, and had access to the privileged seed phrases and passwords of the complainant’s wallets.
During the period between October 2021 and March 2023, Chiyangwa allegedly stole tokens from the complainant’s various wallets and transferred them to his wallet. He transferred the stolen tokens in batches, totalling US$457,468, with amounts of US$261,500, US$49,950, US$98,915, US$7,800, US$7,268, US$30,874, and US$5,155. He spent part of the stolen funds on luxury items, including two iPhone 14 cellphones, a laptop, and a Mercedes Benz Sedan.
The complainant allegedly became aware of the theft in May 2023 when he wanted to trade using his Trust wallet only to discover that Chiyangwa had transferred all of the tokens into his account.
Chiyangwa was remanded in custody pending a bail application.
In a bail hearing, the state opposed bail arguing that Chiyangwa had two passports and two South African bank accounts and was likely to flee the country. The state also argued that Chiyangwa could continue to defraud people using the internet.
Chiyangwa was remanded in custody until the 11th of July.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Cryptocurrency Specialist Steals $457K From Eye Specialist's Bitcoin Accounts

A 35-year-old Bulawayo woman lost over US$5 000 after investing money in a Bitcoin pyramid scheme in which she was promised to get a 20 per cent interest every 10 working days.
The Zimbabwe Republic Police (ZRP) is investigating the matter. Pindula News presents a police statement on the case:
<blockquote>
The ZRP is investigating a case of fraud where a Bulawayo woman (35) was defrauded US 5 580 and ZAR 2500 after being lured to invest the money in a Bitcoin pyramid scheme where she was supposed to harvest 20% interest after every 10 working days.
Meanwhile, Police urges the public to avoid pyramid schemes that end up fleecing them of their hard-earned cash.
</blockquote>
Last year, the police in conjunction with the Reserve Bank of Zimbabwe (RBZ), initiated an operation to apprehend institutions behind pyramid and Ponzi schemes in violation of the country’s banking regulations.
This was after a number of organisations, with no banking licence as required by law, had shut down while owing thousands to members of the public.
The central bank warned people against pyramid and Ponzi schemes that come in various forms and guises, luring people to invest their hard-earned money, promising unrealistic and unsustainable investment returns.
The RBZ said all institutions offering financial services must be issued with licences before operations commence adding that entities involved in Ponzi schemes were carrying out banking activities in breach of the Banking Act (Chapter 24:20) and Section 5 of the Banking Act.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Bulawayo Woman Loses Over US$5 000 After Investing In A Bitcoin Pyramid Scheme

Zimbabwe is considering options of adopting cryptocurrency as a legal payment service and is consulting various stakeholders on the merits of the virtual currency.
Speaking at a Computer Society of Zimbabwe (CSZ) information communication technologies (ICT) Summit that ended in Victoria Falls yesterday, Permanent Secretary and Head of e-government Technology Unit in the Office of the President and Cabinet Brigadier General (Retired) Charles Wekwete said consultations with the private sector are underway.
A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds, for example, Bitcoin.
Brig Gen Wekwete said many governments around the world are still not very clear on cryptocurrencies. Said Brig-Gen Wekwete:
<blockquote>
Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially we were trying to understand their implication because they are a fundamental departure from previously known financial instruments and there are a lot of fears about cross border movement of funds, money laundering, externalization of funds and illicit flow of funds to fund illicit issues.
So Government has put in place mechanism to try and gather views from various sectors of society in order to eventually formulate policies. There have been pronouncements by Minister of Finance and Reserve Bank of Zimbabwe and it’s such as complex area. Sooner or later Government will make statements but we have not gotten there yet, the consultative process is already underway.
</blockquote>
He invited private sector players who have ideas on how best the facility can be handled to make representations to Government. 
CSZ president Mr Allen Saruchera said there were many opportunities that are in the cryptocurrency like blockchain and delivery of services adding that security measures need to be put in place first. 
More: <a href="https://www.sundaynews.co.zw/govt-considers-another-currency/">The Sunday News</a>

Zimbabwe Considering Another Currency

Bitcoin and other digital currencies plunged on Wednesday after the People’s Bank of China announced digital tokens can’t be used as a form of payment by financial institutions, Business Insider reports.
Bitcoin fell as much as 31%, to $30,016.83. Binance Coin fell 32% to $337.27, dogecoin fell 30% to 36 cents, and Ethereum’s ether fell 44% to $1,918.773 at intraday lows.
Bitcoin continued its week-long slide first sparked by Elon Musk’s climate-related concerns over its mining process.
Billionaire Mike Novogratz predicted bitcoin will consolidate somewhere between $40,000 and $50,000 for up to six weeks after Musk’s criticism of its energy use.
Tesla’s cars are powered by electricity made from coal and gas, while bitcoin mining is an energy-intensive process that is said to consume more electricity annually than the <a href="https://www.bbc.co.uk/news/technology-56012952" rel="noopener" target="_blank">whole of Argentina</a>.
JPMorgan said in a note on Tuesday institutional investors seem to be shifting away from bitcoin and moving back into traditional gold.
Strategists led by Nikolaos Panigirtzoglou said it is not clear what is driving the shift. They wrote:
<blockquote>Perhaps institutional investors are fleeing bitcoin as they see its previous two-quarter uptrend ending and thus seek the stability of traditional gold away from the rapid downshifting of digital gold.</blockquote>
Meanwhile, a blockchain research group Elliptic found the hacker group behind the Colonial Pipeline attack received $90 million in bitcoin before it shut down last week.
This according to Jeffrey Halley, a senior market analyst at OANDA, has ratcheted up regulatory risks tremendously. He said:
<blockquote>China’s actions raise the mercury on that front, and the Colonial situation may finally spur the US into action. I suspect they will not be alone.</blockquote>
Halley said a drop in bitcoin to below $30,000 would not be surprising.
<h4>More: <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035?utm_source=notification&amp;utm_medium=referral" rel="noopener" target="_blank">Business Insider</a></h4>

Bitcoin Tumbles As Low As $30,000 After China Warns Investors Against Cryptocurrencies

The City Of Johannesburg website was reportedly hacked and the hackers are demanding that the city pay them close to R400K for them to regain control of their website Eye Witness News reports.
The hackers who are calling themselves Shadow Kill Hackers have demanded that the city pay them 4 Bitcoins which are 1. difficult to trace, 2. Will cost the city about R400000.
The City published the following statement saying their cybersecurity department was investigating the hack and they had shut down their e-government services and billing systems.
<img alt="" class="wp-image-134972 aligncenter" decoding="async" height="538" loading="lazy" sizes="(max-width: 269px) 100vw, 269px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/10/City-Of-Joburg-150x300.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/10/City-Of-Joburg-150x300.jpeg 150w, https://news.pindula.co.zw/wp-content/uploads/2019/10/City-Of-Joburg.jpeg 444w" width="269"/>
Its the second time this year the city of Joburg website has had hacking issues. Sometime earlier this year their systems were attacked by a virus which corrupted part of their databases according to the same publication.
More: <a href="https://ewn.co.za/2019/10/25/city-of-joburg-website-hacked-hackers-demand-over-r400k">Eyewitness News</a>

City Of Johannesburg Hacked, Hackers Demand R400K From The City Fathers

The price of the much speculated upon Bitcoin shot above US $11,000 in price for the first time since 8 March 2018. The cryptocurrency’s price <a href="https://coinmarketcap.com/currencies/bitcoin/#charts">according to Coinmarketcap</a> reached $11,137 on Saturday, 22 June 2019. At the time of writing this article, however, it had climbed down slightly to $10,754.
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019.jpg"><img alt="" class="aligncenter size-full wp-image-104785" decoding="async" height="423" loading="lazy" sizes="(max-width: 961px) 100vw, 961px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019.jpg 961w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019-300x132.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019-768x338.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Bitcoin-Price-22-June-2019-600x264.jpg 600w" width="961"/></a>
This recent price jump, according to Coindesk, was spurred by an increase in trade volumes with $21 billion worth of bitcoins have traded across cryptocurrency exchanges in just 24 hours on 21 June.
<a href="https://mybroadband.co.za/news/cryptocurrency/311067-bitcoin-climbs-to-over-10000.html">From MyBroadband</a>:
<blockquote>“The bounce back of Bitcoin has been fairly extraordinary,” said George McDonaugh, chief executive and co-founder of London-based blockchain and cryptocurrency investment firm KR1 Plc. “Money didn’t leave the asset behind, it just sat on the sidelines waiting to get back in.”</blockquote>
Coindesk <a href="https://www.coindesk.com/breaking-bitcoin-price-tops-10k-for-first-time-since-2018">comments on the coming months</a>:
<blockquote>Looking forward, BTC may continue to shine bright as the cryptocurrency is set to <a data-wpel-link="internal" href="https://www.coindesk.com/bitcoins-next-halving-rally-coming-soon-in-2019" rel="noopener noreferrer" target="_blank">undergo</a> mining reward halving sometime in May 2020.
The process designed to curb inflation by reducing the reward for mining on bitcoin’s blockchain is repeated every four years and leads to supply deficit.
The upcoming reward halving may leave a bigger supply deficit if Facebook’s cryptocurrency Libra ends up boosting bitcoin’s appeal and adoption rate <a data-wpel-link="external" href="https://twitter.com/maxkeiser/status/1141095250682929155?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1141095250682929155&amp;ref_url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fsatoshi-useful-idiot-zuckerberg-boost-150645942.html" rel="noopener external noreferrer" target="_blank">as predicted</a> by some observers.</blockquote>
Bitcoin was the subject of fevered speculation especially at the end of 2018 when its price reached $18,000. In Zimbabwe, unscrupulous people have also taken advantage of the ignorance of most people on the subject of cryptocurrencies to get them to invest in pyramid schemes and other questionable investments.

Bitcoin Price Rises Above $11,000 For The First Time In 15 Months

The price of Bitcoin jumped, a crypto-currency, jumped over 19% in value in just 2 days. The price of the internet-based currency increased from about US $6,900 at the end of Saturday 11 May to the current price of about US $8,100. Some investors have claimed that this is a sign that Bitcoin will not increase in price again to the heights it reached at the end of 2017.
Looking at the whole month of May 2019, the price of Bitcoin has increased significantly by more than 551% from it’s 1 May price of about $5,350. Some analysts have forecasted that the price might increase to $10,000 in the coming weeks.
An <a href="https://www.coindesk.com/up-1200-today-bitcoins-price-surged-above-8000">article on Coindesk</a> explains more:
<blockquote>While vigorous, today’s development is not an anomaly. In fact, bitcoin’s price increases have been aggressive for much of 2019 and rose more than $1000 dollars once again just two days ago.
In the past 90-days alone the cryptocurrency has increased 127 percent in price, nearly 60 percent of which was accrued in the last 30 days alone, <a href="https://messari.io/onchainfx/">Messari</a> data reveals.</blockquote>
In Zimbabwe, financial companies are generally prohibited from dealing in bitcoin and other crypto related currencies. In early 2018 one of the most visible Bitcoin companies in Zimbabwe, Golix, was shut down by the RBZ resulting in some Zimbabweans losing their money. The company continues to operate but emphasises its business outside Zimbabwe. At the height of its popularity in December 2018, the price of a single Bitcoin reached $17,000.
The currency has attracted a lot of pyramid and fraud schemes promising investors high profits and most of them losing their savings as a result. Zimbabwe, South African and other countries on the continent have many such questionable bitcoin companies operating in them.
More: <a href="https://www.coindesk.com/up-1200-today-bitcoins-price-surged-above-8000">Coinddesk</a>, <a href="https://www.ccn.com/bitcoin-price-analysts-eye-10k">CCN</a>

Bitcoin Price Jumps 19% To More Than $8,100 In 2 Days. Investors Say Winter Over

In a circular released on Friday, Reserve Bank of Zimbabwe (RBZ) registrar of banking institutions, Norman Mataruka ordered has all financial institutions in the country to immediately stop trading or transacting in cryptocurrencies. He gave the financial institutions 60 days to liquidate and refund existing account balances.
In a separate statement, RBZ governor John Mangudya said they have not licensed any person or company to buy and/or sell cryptocurrency. Said Mangudya:
<blockquote>The Reserve Bank of Zimbabwe has not authorised or licensed any person or entity or exchange for the issuance, sale, purchase, exchange or investment in any virtual currencies/coins/tokens in Zimbabwe. Exchanges such as Bitfinance (Private) Limited (Golix) and Styx24 are not licensed or regulated by the Reserve Bank.</blockquote>
More: <a href="https://www.newsday.co.zw/2018/05/rbz-bans-bitcoin-trading/">NewsDay</a>

RBZ Bans Buying And Selling Bitcoin

Zimbabwe’s largest cryptocurrency exchange Golix has advised its customers to review their security after some accounts were compromised by as yet unidentified hackers. However, the exchange reassured customers that the hackers were unable to withdraw the funds as this needs two-step verification, although they may have been able to convert funds from one cryptocurrency to another.
We publish the full statement from Golix below:
<blockquote>
Please be advised that in the three weeks leading up to the 12th of March 2018 we noticed that a limited number of Golix accounts fell victim to unsolicited third party access.
The information gathered so far indicates that this malicious activity was carried out through compromised user email accounts.
As a result of this intrusion, affected users have noticed some changes to their accounts such as the conversion of their cryptocurrencies and/or the acquisition of additional cryptocurrencies through already held US dollar balances.
This issue is a priority for us, as are all matters pertaining to account security.
We have a technical team that has been making changes to our systems and has already put in place measures that prevent the withdrawal of any form of currency from users accounts.
Thanks to these efforts, we have successfully ensured that no funds are withdrawn from any account without full verification.
These measures, however, cannot work in isolation.
For additional security protocols, we encourage you as a Golix account holder to do the following
<ol dir="ltr">
<li>Change your Golix account password by clicking on “Forgot password” before you login into your account</li>
<li>Enable <a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://golix.us10.list-manage.com/track/click?u%3Db6a8183fd363d9c53cce8758a%26id%3Db3f9540410%26e%3D24b94c0547&amp;source=gmail&amp;ust=1521006502294000&amp;usg=AFQjCNHgkkG4-TbcmgS_-_444JbA9rM_bQ" href="https://golix.us10.list-manage.com/track/click?u=b6a8183fd363d9c53cce8758a&amp;id=b3f9540410&amp;e=24b94c0547" rel="noopener" target="_blank">two factor authentication using Google Authenticator</a> on your Golix account</li>
<li>Change your email password</li>
<li>Enable two factor authentication on your email account using Google Authenticator or other 2 factor options that are not SMS that may be provided by your email provider</li>
<li>Do not use the same password for both your email and your Golix account</li>
<li>If possible, use a password generator to generate the email password for you</li>
<li>Avoid accessing your internet service over unsecure / untrusted internet services that you do not know are legitimate and verified internet providers</li>
<li>Avoid using your name, surname, children’s names birthdays and other common attributes as your password</li>
<li>Avoid accessing your email and Golix account on public internet services like internet cafes</li>
<li>Do not share your password for any account you have with anyone</li>
<li>Take note of possible phishing attacks on your email – these are “attacks” that trick you into clicking on links in suspicious emails that come through your account which may lead to loss of private data</li>
<li>Please safeguard your privacy when it comes to information about your Golix account or how you deal with cryptocurrencies. Be very cautious about sharing unnecessary information about these issues, especially on public forums like WhatsApp and Telegram Groups and on social media.</li>
</ol>
If you have any challenges with your account please contact us via email or on any of our numbers and social media platforms.
 </blockquote>

User Accounts On Zimbabwe's Largest Bitcoin Exchange Golix Hacked

<blockquote>PRESS STATEMENT
USE OF VIRTUAL CURRENCIES IN ZIMBABWE
The use of virtual currencies or cryptocurrencies is on the increase both locally and globally and there are entities that are facilitating the purchase and sale of virtual currencies in and outside Zimbabwe. There are many virtual currencies in circulation, with Bitcoin being one of the most popular.
“Virtual currency” is defined by the Financial Action Task Force (FATF ), as “a digital representation of value, that can be digitally traded and functions as (1) a medium of exchange; and/or (2) a unit of account; and/or (3) a store of value, but does not have legal tender status.”
Virtual currency is different from fiat currency (also known as real currency, real money or national currency) which is the coin and paper money of a country that is designated as its legal tender. Virtual currency is also not the same as e-money, which is used to electronically represent and transfer value denominated in fiat currency.
Virtual currencies are not only unregulated but are also neither issued by public authority nor guaranteed by the State. In this regard, virtual currencies are not in any way attached to notes and coins circulating in the country. Virtual currencies do not have legal tender status in Zimbabwe or in any jurisdiction in the world.
Virtual currencies are attractive to money launderers and other criminals because of the supposed anonymity and ease with which transactions can be conducted, on the internet and across borders.
The Reserve Bank of Zimbabwe wishes to advise members of the public that the use of trading in cryptocurrencies or virtual currencies is not regulated by the country’s laws and presents risks such as money laundering, terrorism financing, tax evasion and fraud. Under the existing legal and regulatory dispensation, any person who invests in virtual currencies or participates in any transaction involving virtual currencies does so at own risk and will not have legal protection from, or recourse against, any regulatory authority.
Dr J P Mangudya
Governor</blockquote>

Bitcoin, Cryptocurrencies Not Illegal But We Strongly Discourage Using Them: RBZ

The price of cryptocurrency, bitcoin, continues to rise in Zimbabwe as investors and the general public continue looking for means of preserving their wealth. On Monday the price of Bitcoin reached a high of $17 875 on the local exchange, Golix. This is almost double the highest price for Bitcoin on the US market (at the time of publishing) of $10 022. The soaring demand for bitcoin in Zimbabwe has been partly driven by the cash shortages which have been bedevilling the country for the better part of the last 24 months. The shortages have driven people to seek for alternative avenues of preserving value and Bitcoin is proving to be popular.
A local cryptocurrency analyst who spoke to Reuters said:
<blockquote>It looks like people trust bitcoin more than anything else to maintain the value of their money. That is what’s propelling the price.</blockquote>
President Emmerson Mnangagwa’s inauguration speech also seems to have created optimism and hope and has resulted in the black market rates for the United States Dollars decreasing. On Friday, USD 100 was going for $150 via electronic funds transfer while on Monday the rate had declined to $140 for USD100.
More: <a href="https://af.reuters.com/article/investingNews/idAFKBN1DR1YX-OZABS">Reuters</a>

Bitcoin Soars In Zim, Reaches Record High Of $17 875

Zimbabwe’s only Bitcoin exchange, BitFinance has rebranded to Golix.
<blockquote> 
 
We’re thrilled to have you as an integral part of our vision and today we’re excited to let you know that we’re moving into the future and changing our brand from BitFinance to Golix.
We started BitFinance in December 2014 to make it super easy for Zimbabweans to use bitcoin. For a country that had so many ‘monetary problems’, we strongly believed that bitcoin was going to make our people’s lives significantly better, because it gave them financial autonomy. We were right, and we chose our brand names (BitFinance and BitcoinFundi) to position ourselves as a bitcoin company.
It became clear to us that in the future, bitcoin will not be the only digital currency that succeeds. A few months ago, we started investing in other digital currencies and have seen that it works, so we are doubling down.
Today is a remarkable day for us, and most importantly you our customers. It marks the completion of our transition from being ‘just a bitcoin company’ to being ‘a digital currency company’. And so from today onwards, we shall be known as Golix. 
Please, take some time to get acquainted with our new look, and note that future emails and communications will no longer have the name Bitfinance.
We look forward to having you as part of this exciting future.
Best Regards, 
The Golix Team</blockquote>

Press Release: BitFinance changes name to Golix

Zimbabwe’s only Bitcoin exchange, BitFinance has rebranded to Golix.
<blockquote>
We’re thrilled to have you as an integral part of our vision and today we’re excited to let you know that we’re moving into the future and changing our brand from BitFinance to Golix.
We started BitFinance in December 2014 to make it super easy for Zimbabweans to use bitcoin. For a country that had so many ‘monetary problems’, we strongly believed that bitcoin was going to make our people’s lives significantly better, because it gave them financial autonomy. We were right, and we chose our brand names (BitFinance and BitcoinFundi) to position ourselves as a bitcoin company.
It became clear to us that in the future, bitcoin will not be the only digital currency that succeeds. A few months ago, we started investing in other digital currencies and have seen that it works, so we are doubling down.
Today is a remarkable day for us, and most importantly you our customers. It marks the completion of our transition from being ‘just a bitcoin company’ to being ‘a digital currency company’. And so from today onwards, we shall be known as Golix.
Please, take some time to get acquainted with our new look, and note that future emails and communications will no longer have the name Bitfinance.
We look forward to having you as part of this exciting future.
Best Regards,
The Golix Team</blockquote>

The price of Bitcoin is soaring in Zimbabwe as locals seek a safe way to maintain the value of their money at a time when the country is experiencing an economic crisis. Individuals have been looking for a store of value as it has become very difficult to withdraw money from banks due to the cash shortages. At the same time, the value of the bond notes has been going down against the United States.
At one point last week, Bitcoin was trading at an 85 percent premium after it reached the price of $7 200 on the country’s lone bitcoin exchange Bitcoinfundi. At the moment, the price is around $6150 for one Bitcoin, which is well above the $4200 global average. As the country continues to deal with economic hardships, some Zimbabweans believe bitcoin could be the answer to their problems.
More: <a href="https://news.bitcoin.com/bitcoin-prices-skyrocket-on-zimbabwean-exchange-during-economic-turmoil/" rel="noopener" target="_blank">BitCoin News</a>

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