Zimbabwean cryptocurrency Zimbocash (ZASH) is now listed on major crypto exchange Bithumb – a major boost to the project. 

According to the Zimbabwe Independent, the new TRON-based token is part of a project aiming to develop a national decentralised currency network in the hyperinflation-plagued southern African nation. 

With the Zimbabwean dollar in freefall, and the government effectively insolvent, Zimbocash is offering a potential alternative monetary system for struggling businesses and individuals in the country. 

According to Philip Haslam, head of communications at Zimbocash, the COVID-19 pandemic has been catastrophic for Zimbabwe, which was already battling with inflation of around 500% before the crisis. Haslam said that Zimbocash is now “perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology.”

He went on to explain the company was developing an easy-to-use peer-to-peer payments platform designed to facilitate everyday transactions and trade. With an online wallet now in place, and the ability to access the currency on Bithumb, Haslam said the project now has the potential to grow “exponentially.”

As we reported in March, the Reserve Bank of Zimbabwe (RBZ) is thought to be developing a regulatory sandbox for cryptocurrencies, despite the country technically implementing a complete ban on cryptos in 2018. 

AYO.NEWS says:

With Zimbabweans already desperate for financial stability before the COVID-19 crisis hit, Zimbocash could well find enough enthusiasm to gain traction and achieve its goals. 

Of course, the Zimbabwean government is notoriously paranoid, so we wouldn’t be surprised to see some absurd reaction from the authorities. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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