Zimbabwe’s major crypto exchange Bithumb has listed Zimbocash that has the potential to create a national level blockchain network in the country. This affiliation was highlighted when the Zimbabwe Independent reported on 22’nd May that Zimbocash has made it to the international financial circuits and that it can now be traded globally whosever is interested in it.
Zimbocash is a cryptocurrency system where the money supply is fixed. People who sign up for this are provided Zimbocash as incentives for further transactions. The crypto is being targetted as an alternative to counter inflation.
The current currency of Zimbabwe – the Zimbabwe Dollar is currently facing a huge crisis with respect to its identity. With Zimbocash going international, it presents another alternative for people. Zimbocash or Zash also will experience an advantageous position with this as it can now access all the features provided by the South Korena exchange’s platform.
Zimbabwe is currently experiencing hyperinflation, and the government is supporting crypto assets as it will provide a great way to come out of this sticky situation. The Reserve bank also has given its nod for crypto assets to operate freely without many regulations.
As of now apart from the hyperinflationary situation hampering the economy, COVID-19 seems to be yet another issue that has the country under siege. ZASH is still a good alternative but like other countries Zimbabwe has to print more money to counter the situation. As the economies of the world have literally landed themselves in doldrums, it is tough to revive the economy without printing currency because governments all around the world are providing economic relief packages to support people.
The co-founder of ZASH Philip Haslam has reinstated that Zimbocash is currently a perfect tool to solve the economic issue as it marks a bar on the supply of money using the blockchain technology. Earlier also he had proposed cryptocurrency as a solution to the ever-growing monetary problems of Zimbabwe.
Image Source – Coinfomania