With the decision taken by the Zimbabwe government on Friday, it stopped all mobile money payment activities, including the largest service provider Ecocash. In addition, Zimbabwe Securities Exchange was ordered to stop all transactions.
The government sees the rise of digital payments as a sabotage to the economy. Millions of Zimbabweans have made digital payments an important part of their lives due to the worthlessness of cash.
The government says it has made this move to prevent a conspiracy against the dollar of Zimbabwe. Millions of people in the country are using digital payment operators because they cannot reach cash. Ecocash, which is shown as the largest of these, is also used for Bitcoin trading.
In response to these claims, Ecocash stated that they would not accept the ban in any way and only the Zimbabwe Central Bank could stop the transactions. On the other hand, local news outlets wrote that there was an increase in demand for Bitcoin following the developments and that the largest cryptocurrency was trading 18 percent above the market average in the country.
In the statement made on the website of Ecocash, we are aware of the statement made by the IT Department that we understand that it has stopped all mobile money transfers. expressions were used. Ecocash has more than 10 million members and most of them do not have bank accounts.