Can the Zimbabwe currency situation be solved using innovative technology?

Can the Zimbabwe currency situation be solved using innovative technology?
Published: 19 February 2019 (410 Views)
Zimbabwe has been ravaged by price increases and shortages of basic commodities such as fuel. A new technology business, ZIMBOCASH, says the direct cause of these challenges is money printing.

ZIMBOCASH is solving this problem with an audacious goal - they are part of a movement to establish a decentralised, national currency for Zimbabwe using blockchain technology.

The concept revolves around recent innovations in banking technology where it is now possible to establish a tradeable currency system where the money supply is fixed upfront.  Once sufficient numbers of people sign-up, the currency will be listed on an offshore exchange and be tradeable with bitcoin and other recognised currencies.

Philip Haslam, head of communications at ZIMBOCASH, is an experienced finance expert and author of When Money Destroys Nations, a book on Zimbabwe's hyperinflation. Haslam believes Zimbabwe is one of the only countries in the world where a decentralised national currency system could be implemented. The system would enable peer-to-peer payments on a mass scale and could be a real solution to the severe problems in the money and banking system.

"Using blockchain technology, the system will make it practically impossible for anyone to shut down, seize people's money or stop cross-border flows."

Only Zimbabwean residents and Zimbabweans in the diaspora can register using a Zimbabwean mobile number. It is free to join. The ZIMBOCASH white paper, available at www.zimbo.cash, highlights that each person who signs up will receive an allocation of ZIMBOCASH and further allocations if they refer others.

"Initially, the allocation will be 100 000, but the amount allocated for each person who signs up will half every three months. When registrations close, no further registrations will be allowed. The registration database will be converted into fixed ZIMBOCASH coins transferable with an online wallet.  The system will facilitate fast and secure transactions on a national scale."

Haslam says that in addition to facilitating transfers between account holders, ZIMBOCASH will be listed on an exchange.

"Each person will only be able to sell ZIMBOCASH on the exchange when they have made six transfers to others. While we want people to be able to cash-out, our goal is to establish a transactional currency on the ground in Zimbabwe using the latest price as a reference."

Laswet Savadye, head of the Ambassador team at ZIMBOCASH, says "Zimbabwe has so much potential, but we aren't getting it right in our money and banking system. Money printing has destroyed our country once before and we should not allow it to do so again. We're advocating for a system where nobody has the right to print money. We want to see the economy of Zimbabwe transformed with sound money built on blockchain technology. Zimbabweans must be able to trust the money and the banks that they use."

A currency system grows in value based on the network effect - as each additional person is added to the network, so the network grows in value for every participant in the network. With many people signing up, the ZIMBOCASH team are working hard to establish trust.

"Zimbabweans have the power to choose a system that protects them," says Savadye.  

"We're making ZIMBOCASH available to all Zimbabweans who sign up. ZIMBOCASH is a decentralised community of like-minded people that are passionate about Zimbabwe - we're building a community of Zimbabweans for Zimbabweans."

Those who are interested in making a difference in the currency environment can sign up to join the Ambassador program, which empowers individuals to develop and establish the ZIMBOCASH network.

Go to the ZIMBOCASH website for more information and to register: www.zimbo.cash

- Agencies

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe Army hunts for Tajamuka leader

by Mandla Ndlovu | 27 May 2019 | 78 Views

Jonathan Moyo not yet on Interpol radar

by Staff reporter | 27 May 2019 | 45 Views

Senator Dr Mpofu accepts defeat at MDC Congress

by Ndou Paul | 27 May 2019 | 63 Views

Your Mindset determines your Success

by Enos Denhere | 27 May 2019 | 40 Views

'Stop rumour mongering in ZANU PF'

by Simbarashe Sithole | 27 May 2019 | 63 Views

Mnangagwa's govt sabotaged Chamisa's congress

by Staff reporter | 27 May 2019 | 60 Views

Achieving self-sufficiency in electricity generation in Zimbabwe

by Victor Bhoroma | 27 May 2019 | 42 Views

Biti, Ncube and Karenyi voted as Chamisa's VPs

by Staff reporter | 27 May 2019 | 142 Views

Tsvangirai's daughter beats opponent from hospital bed

by Staff reporter | 27 May 2019 | 98 Views

Chamisa ally Hwende beats Mwonzora for SG post

by newzimbabwe | 27 May 2019 | 81 Views

Zimbabwe economy dies

by Staff reporter | 27 May 2019 | 72 Views

WATCH: The body of Dabengwa arrives in Bulawayo

by Mandla Ndlovu | 27 May 2019 | 73 Views

Zanu-PF Youths ready for MDC protestors

by Mandla Ndlovu | 27 May 2019 | 57 Views

Mwonzora loses Secretary General post to Hwende

by Mandla Ndlovu | 27 May 2019 | 62 Views

MDC CONGRESS: Full election results

by Mandla Ndlovu | 27 May 2019 | 99 Views

Mnangagwa to snub Dabengwa's burial?

by Mandla Ndlovu | 27 May 2019 | 63 Views

ZANU PF Youths ready for MDC protestors

by Mandla Ndlovu | 27 May 2019 | 120 Views

MDC Congress plunge into darkness

by newzimbabwe | 27 May 2019 | 126 Views

'Freezing' temperatures to hit Zimbabwe

by Staff reporter | 27 May 2019 | 140 Views

ZACC aspirants chopped down to 35

by Staff reporter | 27 May 2019 | 95 Views

WATCH: Chamisa speaking before MDC Congress vote counting

by Staff reporter | 27 May 2019 | 116 Views

Mujuru swims in US$450 000 debt

by Staff reporter | 27 May 2019 | 110 Views

Surface Wilmar resumes operations

by Staff reporter | 27 May 2019 | 106 Views

Dabengwa's body expected in Bulawayo today

by Staff reporter | 27 May 2019 | 92 Views

Man assaults neighbour over sex snub

by Staff reporter | 27 May 2019 | 121 Views

Oskido rejects anything to do with BAA nomination

by Staff reporter | 27 May 2019 | 86 Views

Minister's house gutted by fire

by Staff reporter | 27 May 2019 | 115 Views

Zesa announces load shedding reprieve

by Staf reporter | 27 May 2019 | 108 Views

Bulawayo, ZPC in dispute over ownership of power station

by Staff reporter | 27 May 2019 | 85 Views

Plumtree villagers demand restoration of Kalanga chiefs

by Staff reporter | 27 May 2019 | 77 Views

Police brutality victim compensated 9 years on

by Staff reporter | 27 May 2019 | 81 Views

$42 million lost to cyber-crime

by Staff reporter | 27 May 2019 | 77 Views

'Prices will fall,' dreams Zanu-PF

by Staff reporter | 27 May 2019 | 82 Views

The economy may never rise under a Zanu-PF leadership

by Tapiwa Gomo | 27 May 2019 | 99 Views

Zanu-PF officials threatened Chief with death

by Staff reporter | 27 May 2019 | 85 Views

Bulawayo businessman sues sheriff

by Staff reporter | 27 May 2019 | 71 Views