A project to develop a decentralized national currency network in Zimbabwe has received a major boost with the inclusion of its token, Zimbocash (ZASH), in Bithumb Global.
According to a May 22nd report in the Zimbabwe Independent the inclusion will allow the currency to grow substantially, providing a solid money alternative to the crumbling Zimbabwean dollar.
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Zimbabwe’s economy is already facing a crisis, with an inflation rate of around 500%. As Cointelegraph reported, the Reserve Bank of Zimbabwe was earlier this year considering a fintech testing framework, while also focusing on stabilizing the local currency.
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However, the impact of the coronavirus pandemic has dealt a devastating blow, as many believe that the government is now insolvent and has little borrowing capacity left. Zimbocash’s head of communications, Philip Haslam, said in a statement
„The government has admitted that it will print money on a large scale to finance itself, which could push the country into hyperinflation […] We believe that Zimbocash is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our goal is to provide solid money.
Global list provides much-needed liquidity
To be successful, Haslam says that Zimbocash needs a network of scale and a liquid market price to use as a reference in daily trading.
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While work on the former has continued for some time, the inclusion provides the necessary liquidity and validates the work done so far on network growth. Haslam believes the project is realising some of Bitcoin’s (BTC) potential:
„We are fulfilling Bitcoin’s dream, we are developing a peer-to-peer payment platform and facilitating on-the-ground trading in a country.
Zimbabwe desperate for solid money
While the prospect of launching an alternative national Bitcoin Trader – Bitcoin Circuit – Bitcoin Evolution – The News Spy – Bitcoin Profit – Bitcoin Revolution – Immediate Edge – Bitcoin Era – Bitcoin Code – Bitcoin Billionaire may seem daunting to some, Zimbabwe is crying out for such a solution to its economic problems. The head of Zimbocash’s subscriber network, Laswet Savadye, explained:
„Zimbabwe is perhaps the only country where a decentralized currency network of scale could be established. Zimbabweans are desperate for a sound money solution and there is no alternative like Zimbocash.
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Zimbocash offers free tokens to Zimbabweans who register, along with referral vouchers. The reward is halved every three months, and currently stands at ZASH 3125.
While the Bithumb list will allow users to get paid, its main objective is to establish a market price and facilitate daily trading.