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 enables 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 makes 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.”