The price of bread has done what?!?
Dear ZIMBOCASH family,
As we write this, Zimbabwe is entering hyperinflation again. When we went live with our ZASH vendor program the price of bread was Z$ 115, today the price is over Z$ 900. That is almost nine times the price it was two months ago.
It is not just the Zim dollar — the US dollar is also deteriorating fast in trade. When we started this program the price of bread was US$ 0.50, today using the relative street rate, it is just under US$ 1.50. That is almost a 3 times increase in two months.
How can anyone save in US dollars when the amount you can buy with those savings reduces so significantly?
The only solution to Zimbabwe’s problems is sound money. Money printing is the fundamental cause of inflation and the only solution to this problem is to fix the supply of money. This is what we are doing with ZIMBOCASH. There is a finite amount of ZASH. Once they are allocated to people, no more can be created.
Update from our side
Our pilot program has been working really well. People have been queuing in front of the store from 4am in the morning to be able to buy their food with ZASH.
In this program, vendors can sell their goods to ZASH users at an exchange rate of US 2c per ZASH. The market maker cashes out the vendors at the same rate.
We are in conversations with several vendors and in particular, few farmers, to bring their produce into the vendor program. They will be supplying to the informal market, starting in Bulawayo. We want to incentivise entire supply chains to use ZASH.
We are working on implementing our Buy Now button to enable users to buy more ZASH using Zim dollars, rands and other currencies. We will keep you posted as it progresses.
There are many moving parts and we ask for your patience. We need to increase the number of vendors, we need to incentivize the broader supply chains and we need to increase the broader on-ramps set up inside of the wallet.
As a diversified team inside Zim and across the nations, our hearts are together with you as the pain of hyperinflation begins to set in once again.
Our entire team is passionate about seeing the dream of sound money becoming a reality in Zim. Thank you for your patience.
If you have not yet signed up to receive your free ZASH, you can do so at: www.zimbo.cash/register. You can also sign up when you download the ZASH app.
Kind Regards
The ZIMBOCASH Team
READ MORE
ZIMBOCASH achieves breakthrough in Zimbabwe
Press Release ZIMBOCASH, the ground-breaking decentralised currency system for Zimbabwe, has launched its updated payment system, where all its users are fully verified. Head of Communications at ZIMBOCASH, Philip Haslam, says it’s a massive step. “We are now able to...
How we are dealing with scammers
Hi ZIMBOCASH Family Since the very beginning of the ZIMBOCASH program, we have faced scammers. Our goal has been to create a system that will transform Zimbabwe but for some reason, a few people see this as an invitation to scam. It’s not everyone – most of...
Verify your account with any valid form of Zimbabwean ID
Hi ZIMBOCASH Family You asked, and we delivered. You can now verify your account with any valid form of Zimbabwean ID including a Zim metal ID, a Zim plastic ID, a Zim Passport, or a Zim Drivers licence. We’ve been working hard to make sure that we include all...
ZIMBOCASH users can now sell on the exchange
Hi ZIMBOCASH Family We’ve got exciting news for you… After announcing last week that our system is live, we are opening up transfers to the exchange for users who make the most transactions. Our goal has been from the beginning to build a network of users who...
We’re live again with ZASH payments!
Hi ZIMBOCASH Family We did it! ZASH payments are live. If you are Zimbabwean and you live in Zimbabwe, you can now verify your ID, receive your ZASH allocation and make payments to others. Log in to your account at www.zimbo.cash/login and confirm your ID to...
Important next steps
Hi ZIMBOCASH Family We are still passionately pursuing a sound-money solution for Zimbabwe. We are closer than ever before to executing on our goals and we wanted to give you an update. We have taken down our previous login website and put up a maintenance...
The one thing that is changing everything
Hi ZIMBOCASH Family So a quick update into where we are at the moment, and then we want to talk more about what no-one else is talking about, but is the reason why we exist. We’ve been quiet the past few months but we have been working hard behind the scenes....
The birth of something great
Dear ZIMBOCASH family We’re still here. Working hard towards our goal of sound-money. We have not forgotten about you. So here is an update about us. If this is your first fireside chat, we’ll tell you a bit about ourselves. Background We started about two...
Work on the payments system
Hello ZIMBOCASH Family We wanted to let you know that we have had to take our payments gateway down while we work on our identity validation processes. We have grown amazingly fast in the last few days with total gross subscribers sitting at 131 000...
