Hyperinflation has gone hand in hand with Zimbabwe, and the country’s monetary system has been on a roller coaster ride for the last 10 years. The national currency of Zimbabwe, the Zimbabwean dollar, lost so much of its value in the year 2015 that it became practically useless.
The country recognized the South African rand and the U.S Dollar as a legal tender to help fight the battle against runaway inflation. After some time, it recognized the Japanese yen, Chinese yuan, the Indian rupee and Australian dollar thereby ditching its Zimbabwean dollar for the U.S dollar.
Zimbocash is a crypto startup whose founders think they can help Zimbabwe with its monetary system. Haslam, one of the founders of Zimbocash is also an economist by profession.
In a recent podcast, Haslam explained,
“So, in a nutshell, cryptocurrencies and blockchain are enabling the people to say that, ‘Look, we no longer want money that’s devaluing and losing its value on a regular basis. We want a movement towards a currency system where we are protected. A system that practices monetary justice.”
While Bitcoin seems to be the popular and the most logical choice, Haslam thinks that it isn’t best suited for Zimbabweans. Haslam said, “Because of the flawed currency and banking system over the past 20 years, there’s very little money in the country. And so Bitcoin, Monero, Ethereum and these other cryptos haven’t quite penetrated the market. They do have a role to play, but there’s a process of people needing to acquire them. The users have to use the same defunct currency and banking systems to acquire them, the same systems they are trying to escape.”
The best thing about Zimbocash is that the users don’t have to buy the tokens. The users just have to register on the website of Zimbocash and they will be getting their free tokens. The registration time for the same is divided into four stages, one for each quarter of the year. The first stage, which ended on the 31st of March had new users getting 100,000 tokens each. This number will be halved with the end of every quarter. The new users in the current quarter will be getting 50,000 tokens each.