New crypto should solve Zimbabwes money problems using blockchain technology-interview

The collapse of the Zimbabwischen currency in 2008 and the record hyperinflation are widely considered a textbook examples of what can go wrong with a centralized currency. For example, some cryptocurrency enthusiasts-as well as opponents of the Fiat currency system in general-routinely pointed out the collapse of the Cimen Dollar if they argue for an alternative currency system.

In other cases, entrepreneurs such as the Simbocash , a decentralized currency and payment platform for all Zimbabwer, have already launched such an alternative. They hope that this alternative to a Fiat currency issued by the central bank will show everyone that healthy money that enables people can still save.

to learn more about this Zimboocash system, Bitcoin.com News to Laswet Savadye, Head of Subscriber Network. Below you will find Savadyes answers to questions that have been sent to him via WhatsApp.

Bitcoin.com News (BCN): Can you first tell us what has led to this idea?

Laswet Savadye (LS): We have been passionate about healthy money. Many in the team were Simbabwes's first hyperinflation and the pain of money printing, and this was further reinforced with the book when money was destroyed. We are passionate about solving the problems of money printing with healthy money. This is the only way to save, trade and prosperity at the national level.

bcn: What do you hope for from the cryptocurrency Zimboocash or Zash?

ls: Our overarching goal is to create solid money for Zimbabwe - we have created money that is made on offer but is available to all Zimbabwers. Zimbabwe has an extremely weak currency and banking system that has suffered from hyperinflation and economic misery. We want the economy to be redesigned with healthy money.

goal is to restore trust in the money and banking system. The Zimboocash system is based on a decentralized blockchain-a revolutionary technology that enables a fixed money supply and a reliable payment system.

BCN: Your Head of Corporate Communications, Philip Haslam, recently recommended the solution for Zimbabwes is collapsing money and banking system. Does this mean that your cryptocurrency will compete with the local Fiat currency?

ls: We have no two cryptocurrencies. We have one and it is publicly accessible to Tronscan https://tronscan.io/#/token/1002984 . The listing on the stock exchange requires that a stock market float is created for purchase and sale to determine a reference price.

bcn: still with regard to the same problem, there seems to be some confusion regarding the status of thrown zash tokens. For example, some of Airdrop-token owners claim that they cannot be traded on Bithumb. Is that right? If so, why do you not allow the owners of thrown zash tokens to act?

lS: We need a market price and we have to attract sufficient liquidity on the stock exchanges to enable cross -border trade. The liquidity grows over time. It is fragile. There were some national airdrop systems that failed because they did not take the time to build the payment network directly, and every sold directly on the stock exchange, which pressed the price down.

We first have to work on building a peer-to-peer trade network, and if the liquidity grows, we can slowly open the stock exchange. With increasing transactions, local demand for Zash is increasing. With increasing transactions, international demand for a solid money token with a real peer-to-peer network will also grow. These two lead to increased buying liquidity on the stock exchange and reduced sales liquidity. These are these two forces that will enable us to increasingly open the foreign exchange transfer.

We will limit the amount that users can sell. We want users to carry out suitable transactions and we will carefully monitor the high -quality people who have a lot of zash - we want this to be used in daily trade.

We are pleased to be able to tell you that we have opened transfers to the stock exchange for users who make the ten most transactions every month. This is a beginning, our goal is to open more and more stock market transactions over time and to reward those who make transactions.

BCN: Now the Zimbabwischer Finance Minister Mthuli Ncube has recently expressed a positive statement about cryptocurrencies. What do you think of what Minister Ncube said?

ls: The finance minister made similar comments in 2018 when he said: "Zimbabwe should invest in the understanding of innovations and often the central banks are too slow when investing in these technologies." We continue to support the statements of the finance minister.

BCN: In your opinion, these statements of the minister suggest that both the government and the central bank are now taking cryptocurrencies?

ls: it would be great if it were. This is currently a new technology and nobody else has successfully enables a blockchain with a fixed amount of money for an entire nation, so this is an innovative technology in many ways. We believe that the government is pursuing the right approach, i.e. a waiting approach. When the market grows, we believe that there will be appropriate engagements and regulations from a better understanding.

BCN: Many central banks in Africa study or prepare for the introduction of digital central bank currencies (CBDC). In your opinion, are central banks able to publish a successful or functioning CBDC?

ls: CBDCs do not use the principles of the blockchain to fix the money supply. These CBDCs will all be connected to global CBDCs and lead to global control of the transaction. In a world in which all transactions are digital and governments around the world fall back on faultless money prints. It is currently a big global risk, and our goal is to solve this problem in Zimbabwe by repairing the money supply using blockchain technology.

Everyone in Zimbabwe - the government, the companies and the normal population - should be able to rely on the economic system. Otherwise there is a risk that Zimbabwe will be trapped in a global digital currency system of the central bank that is impoverished by the entire nation.

bcn: Do you see the right solution for Zimbabwes currency problems in a CBDC?

ls: In many ways the RTGS dollar was a form of a digital central bank currency. The two key questions are, a CBDC can be used to create solid money in which no one can increase the money supply, and a CBDC can be created that is ultimately not controlled by offshore powers.

BCN: After all, they have been on site for some time. In your opinion, are Zimbabwer ready for digital currencies?

ls: Simbabwer are more than ready for digital currencies. RTGS dollars are digital and people have the urgently needed exercise to use current mobile wallets, such as z ecocash and a money . We see a lot of excitement about the Zimboocash system and believe that we have the opportunity to establish something really unique in the world.

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