Nov 21, 2018 19:30 UTC
Nov 22, 2018 at 09:21 UTC
Zimbabwean Store, Study263 Accepts Payments In Bitcoins
A Zimbabwean store, Study263, has been accepting Bitcoins payment for daily grocery items like rice, flour, baked beans, sugar, oil, and macaroni. In light of the instability that marks the country, the owner of the store wants to provide these items to the people, in a hassle-free way, while ensuring that they are affordable and easily accessible.
Even though Bitcoin usage in Zimbabwe currently banned, it is still helping a nation during dire times like this, when massive inflation has left many people unable to afford simple products like oil. Such is the condition of the economy now that the citizens are apprehensive of a situation when in 2009, due to tremendous inflation, the country had had to abandon its fiat currency for the US dollar. This situation has given rise to a sort of panic amongst the citizens, who are buying these items to stockpile them. This high demand for goods is also contributing to the price hike for the same. Tinashe Jani, the co-founder of Study263, informed that cooking oil, who’s general price was about 3 USD, was now selling at about 20 USD.
Study263’s primary area of operation was helping Zimbabwean students, studying abroad by enabling them to pay their tuition fees with cryptocurrencies. However, it soon realized that the need for foodstuff was growing gradually in the country and hence this endeavor. The platform conducted a study to figure out which items were most in demand, and it was revealed that grocery items were the ones which were most needed.
(Read: How to Buy Bitcoin With Cash)
The platform was launched in November, of this year and offers items like salt, sugar, flour, mayonnaise, flour, rice, toiletries amongst other things and the accepted payment methods are Bitcoins, Paypal, or Ecocash. The food items are imported from South Africa and took a delivery time of 10 days since the payment has been made.
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