Scrapping the multicurrency regime
Hello ZIMBOCASH family.
Last week we mentioned in our fireside chat that we thought that the multicurrency regime would be removed.
It happened a lot faster than we anticipated. Yesterday, it was announced that the multicurrency regime would be suspended and the Zimbabwe Dollar reintroduced.
This is a sad day for all of Zimbabwe.
Until yesterday, the multicurrency regime had shielded the country from the devastating effects of money printing. Now, you can no longer rely on those instruments to keep you safe. There is about to be a whole lot more money printing.
In the absence of any sound money alternatives, money printing causes increasing inflation. Without access to foreign currency, fuel stations will not be able to buy fuel. The same applies to other basic goods such as food and water. When people are forced to use a depreciating currency, it causes shortages of goods and services. The bottom line is that money printing destroys a nation.
We don’t like to be the bearer of bad news. We love Zimbabwe. We believe in the nation.
However, unrestrained money printing, used to finance deficits, has only one direction it can go and that is towards hyperinflation and economic pain.
There is an alternative that can work to bless the nation, ZIMBOCASH is this alternative. What money printing does to destroy a nation is what sound-money and trust-banking can do to build the nation up. We are using blockchain technology to verifiably fix the money supply and to ensure that no-one's money can be taken unless you provide them with your private keys. We do not have to go down the money printing route.
How does it affect ZIMBOCASH?
There are currently very few regulations as they pertain to cryptocurrencies currently in Zimbabwe. The RBZ recently banned the banks from “cashing-out” from cryptocurrency trades and this was overturned by the courts. The honourable minster of finance, Mr Mthuli Ncube, recently came out in support of cryptocurrencies as an alternative.
With that said, ZIMBOCASH is not reliant on the multi-currency regime. Our servers operate from outside the country. We maintain strict controls on the access to the ZIMBOCASH database. Any token system that we launch will, of course, be decentralised and will not be specifically based in Zimbabwe.
With the deterioration of the current system we are hoping to provide an important solution that could fix this country’s economic problems.
In all of this, we have had a lot of interest and comments from people via our social media channels. Thank you for all of your feedback. We appreciate you and are ultimately working to establish a system that will really benefit Zimbabwe.
All ZIMBOCASH allocations will halve after the 30th June 2019, so hurry and sign-up your family, friends, colleagues and acquaintances to take advantage of the few remaining days before 30th June deadline.
Our ambassador team is growing. Our goal is to have ZIMBOCASH ambassadors in all the cities and towns in Zimbabwe. We are working hard to keep up with the applications and interviews.
To apply for the ambassador program, click on this link:
If you want to see your ZIMBOCASH balance, you can go to your dashboard:
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