If one wants to see the worst case scenario of a centralized currency then Zimbabwe’s example is the worst of them all. If people do not believe that what worse can happen to a national fiat, then they are wrong. Zimbabwe was once a sovereign state and had its national fiat but the national fiat collapsed and never rebounded. Still the country is facing the turmoil caused due to the failure of its economy.
In the recent past, Zimbabweans voiced their concerns about putting in place an alternative monetary system. A system, which comes from them and used by them. The need then gave Zimbabweans an idea, an idea which could create an alternate system. Zimbabweans decided to seriously consider blockchain technology and this led them to implement the thought they had dreamed of in the shape of “Zimbocash”.
Zimbocash is the “idea”, a way forward as has been claimed by many Zimbabweans. In reality, Zimbocash is a platform developed and owned by Zimbabweans alone. The platform’s model is that of decentralized nature and it allows transactions of virtual currencies of the world.
As of today, Zimbocash is very much present in Zimbabwe and has been doing a great service to the nation. The developers behind this unique system claims that the system they have developed works as an alternate to fiat. They suggested that the project will show to the world that Zimbabweans can still save some money for their better future.
Laswet Savadye of Zimbocash describes the project as the “savior” and can be easily classified as “sound money”. He said that the project was designed by those who had inflicted the impacts of 2008’s hyperinflation. They knew what sort of they had gone through during the time of hyperinflation. So they wanted to develop a system which will uplift the standards of the users instead of destroying them.
Savadye said that the world is aware that Zimbabwe has one of the weakest currency of the world. There is no such thing as “banking system” in the country because banking sector too is still unable to come out from the hyperinflation. With this project, says Savadye that they want to regain the trust and confidence of Zimbabweans. He claimed that Zimbabweans do not want to repeat the past mistake of printing notes. Instead, with the help of blockchain, and through the use of Zimbocash, the money supply will be limited and supervised.
According to Zavadye, the aim of Zimbocash is not to engage in any competition with local currency. However, there is plenty of room available for both in the country. They do not seek to substitute national fiat. In fact Zimbocash will support the national economy by working side by side with the national fiat.