Major crypto exchange Bithumb has listed Zimbocash, a project creating a national blockchain network in Zimbabwe.
The Zimbabwe Independent reported on May 22 that the home-grown blockchain token, Zimbocash (ZASH), has gone international, as it can now be traded globally.
Zimbocash’s listing on Bithumb is one step further in providing an alternative currency to the country’s dying Zimbabwean Dollar. The listing also gives ZASH a lot of weight, taking advantage of the features accessible on the South Korean exchange giant’s platform.
The Zimbabwean government has been actively looking for a way out of its hyperinflation (up by almost 500%), and is actively supporting fintech and crypto start-ups. On March 16, the Reserve Bank of Zimbabwe proposed a regulatory sandbox that would allow such start-ups to operate freely.
While ZASH continues to provide a sound money alternative to the country, the impact of the Covid-19 crisis to the Zimbabwean economy is more than the country can handle. To remain afloat, the country has decided to print more money, which will increase inflation even further.
In response, the ZASH co-founder, Philip Haslam, reassured the country that, “Zimbocash is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound money.”
Zimbabwe has previously proposed cryptocurrency as a solution to its monetary problems.
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