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Zimbabwe Halts Mobile Transactions as Hyperinflation Spurs Currency Flight
Zimbabwe's central bank, seeking to block attempts to avoid the country’s hyperinflation, halted all transactions conducted by "mobile money agents" this week.
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.
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- 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."
Adam B. Levine
Adam B. Levine joined CoinDesk in 2019 as the editor of its new audio and podcasts division. Previously, Adam founded the long-running Let's Talk Bitcoin! talk show with co-hosts Stephanie Murphy and Andreas M. Antonopoulos. Finding early success with the show, Adam transformed the podcast's homepage into a full newsdesk and publishing platform, founding the LTB Network in January of 2014 to help broaden the conversation with new and different perspectives. In the Spring of that year, he would go on to launch the first and largest tokenized rewards program for creators and their audience. In what many have called an early influential version of "Steemit"; LTBCOIN, which was awarded to both content creators and members of the audience for participation was distributed until the LTBN was acquired by BTC, Inc. in January of 2017. With the network launched and growing, in late 2014 Adam turned his attention to the practical challenges of administering the tokenized program and founded Tokenly, Inc. There, he led the development of early tokenized vending machines with Swapbot, tokenized identity solution Tokenpass, e-commerce with TokenMarkets.com and media with Token.fm. Adam owns some BTC, ETH and small positions in a number of other tokens.
