Bitcoin Traders In Zimbabwe & South Africa Paying Skyrocketing Premiums On Their Bitcoin's.

Bitcoin Traders In Zimbabwe & South Africa Paying Skyrocketing Premiums On Their Bitcoin's.

2019-07-02 | Mike Hallen

Bitcoin Traders In Zimbabwe & South Africa Paying Skyrocketing Premiums On Their Bitcoin's.

In line with a recent report by ‘Fxstreet’, Bitcoin traders within Zimbabwe & South Africa are observing skyrocketing premiums on their bitcoin [BTC].

Amid new capital controls within South Africa & Zimbabwe’s recent 'ban' on native trading in foreign fiat currencies, native traders have reportedly seen asking prices of as high as around $50,000 USD per 1 Bitcoin [BTC] if they attempt to buy the coin from abroad.

At the reporting time, Bitcoin [BTC] is presently trading at a price around $10,918 USD on South African crypto exchange Luno, in line with data provided by 'CoinMarketCap' - which is about 10.5% higher than the average bitcoin 'price index'.

Meanwhile, other commentators on social media earlier this week 'claimed' that bitcoin is allegedly trading at as high price as $76,000 USD in Zimbabwe - a premium of over 600%. As seems to be verified by screenshots from renowned P2P web-site ‘LocalBitcoins.com' shared on Twitter, at-least a scattering of traders have tried to pocket colossal gains at an 'asking rate' of around $75,000 USD to $76,000 USD:

[caption id="attachment_8300" align="aligncenter" width="800"]Bitcoin Traders In Zimbabwe & South Africa Paying Skyrocketing Premiums On Bitcoin [BTC]. BTC asking prices on trading website 'LocalBitcoins.com' for Zimbabwe-based traders.[/caption]

Commenting on the allegations, Tuur Demeester- founding partner at Adamant Capital - has 'argued' that :

“Likely this can be inflation that's merely not recognized by the govt. I am skeptical of that range as reflecting genuine premium.”

Zimbabwe - that is once again weathering a failing national fiat currency, with an inflation rate 'approaching' about 100% this June - has seen a 'push' from the monetary sector to ascertain more regulative clarity for the blockchain technologies.

As of 2017, the country has notwithstanding enforced a policy of blanket bitcoin lawmaking.

Moreover, FXStreet outlined that the impact of similar governmental and economic pressures on bitcoin traders, with Hong Kong-based exchange TideBit are also conjointly seeing a premium for bitcoin— albeit less steep — against the backdrop of recent national anti-extradition 'bill protests'.

Also last week, the re-appearance of the “Kimchi Premium” — with high demand for the coin in South Korea driving prices well above the international average - within the current bull market.

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