WhatsApp Bitcoin Trading Is Exploding Due To African Crypto Exchange Issues

Some governments in Africa are starting to take hard measures against cryptocurrencies and companies in the industry. Regulators in Zimbabwe have shut down two crypto exchanges in the country with the intention to stop crypto-trading activities. However, Bitcoin users are now able to exchange their virtual currencies using the worldwide-known messaging application WhatsApp.

At the same time, Kenya has also warned banks and individuals that are involved in crypto trading activities. But this is not enough to stop the market from growing. A cryptocurrency user and worker, Jack (according to Bitcoin.com this is not his real name), decided to quit his job in Harare. He was working in a cryptocurrency exchange in the Zimbabwean capital, but the situation in the country was getting tough. The country’s financial regulator decided to ban cryptocurrencies back in May, restricting users from purchasing and selling virtual currencies.Nonetheless, he keeps with his job, helping users to buy and sell virtual currencies through WhatsApp. He works by connecting buyers and sellers of Bitcoin and placing bids and sell orders on different Whatsapp groups. After he finds a matching he connects the users with each other in a private chat. After it, the deal is closed. Jack, of course, charges 5% commission for the services. This is slightly above the average fees paid while trading virtual currencies in some exchanges. But it allows users to continue trading in a country that has taken hard measures against cryptocurrencies and crypto-related activities.



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