Zimbabweans find solace in crypto currency as hyperinflation persists
ZIMBOCASH, a cryptocurrency network, is utilising hyperinflation currently facing Zimbabweans to boost bitcoins trade.
Philip Haslam, a head of communications at ZIMBOCASH told Bizetch Africa News that their online wallet had facilitated nearly 100 000 transactions, in bitcoins dubbed ZASH, in the past week.
“It is going viral. Last week we facilitated 92 000 transactions. We also have 120 000 unverified subscribers. There is huge interest,” he said.
ZIMBOCASH, which started its operation in 2018, is enabling individuals all over the southern African nation to transact using ZASH in a way that is similar to an online banking profile. Haslam believes the increase in the number of people embracing crypto currency is because they no longer want to be impoverished by money printing.
“We are providing a solution where we fix the supply of money. We believe that people are desperate for a sound money alternative and there are not many options available,” he said. “We want to create a national network of people using ZASH in day to day trade. People always move from a weak currency to a strong currency system.”