The cryptocurrency currency named,ZASH,was launched on South Korea’s cryptocurrency exchange, Bithumb. Talking about ZASH, Philip Haslam of ZimboCash said:
The impact of the Coronavirus pandemic has been catastrophic for the Zimbabwean financial system. The Government has admitted that it is going to print money on a large scale to fund itself, which could push the country into hyperinflation. The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money.”
With a fixed supply of 4.5 billion, ZimboCash says the number of ZASHs will never be increased, something which the Reserve Bank of Zimbabwe has been doing for the Zim dollar through increasing money supply.
A fixed supply means that ZASH’s value will never flactuate owing to the issuing of more tokens (ZASHs). Remember, Zimbabwe dollar’s value has lately been going down because of the increase in cash supply?
Consequently, ZASH’s fixed supply is expected to give birth to price stability for Zimbabweans. It is this selling point that ZimboCash says Zimbabweans should favour ZASH over the seemingly failing Zimbabwe dollar.
How to get ZASH
At the moment, you can sign up on ZimboCash website: www.zimbo.cash and get 3125 free ZASHs which are each worth USD$ 0.002824. Therefore, in total the 3125 free ZASHs are worth USD8.80 And ZimboCash says you can get additional free ZASHs when you refer others to sign up.
Selling ZASH and getting USD dollars
When it comes to selling the ZASHs for US dollars, ZASH holders will “need to make six transactions to unique account holders before they can sell their ZIMBOCASH tokens on the exchange”.
Can you use ZASH to pay for goods and services
That’s the issue at the moment. No merchants or retailers have started to accept ZASH. So the only thing you can do with your ZASHs is buying and selling them at a profit (trading) like what happens with other monetary instruments.