Zimbabwe Crypto Initiative Could Bring An End To Corruption

Cryptocurrency is for a long time declared and utilized as a means for sidelining the sufferings of awful inflationary financial systems. Now there is a bold plan that aims to bring economic liberty to the inhabitants of Zimbabwe with Dai. The Zimbabwe crypto initiative also hopes to bring an end to the corruption in the country as we are reading further in the coming altcoin news.

The use of Bitcoin has sky-rocketed in Zimbabwe throughout the past year, as the regime enforced gruesomely oppressive legislation on its citizens in a desperate attempt to stabilize the failing economic system. A ban on foreign currency transactions made the use of LocalBitcoins rocketing, with the consequence of premiums on BTC price in the region.

US Dollars are still the most used currency on the black market, having in mind the problem of accessibility in connection to digital payment, because of this there is still heavy reliance on cash. Mobile phone-based cash-in cash-out services were used as a method for digital payment by the population. The phone-based services were also banned in October of 2019 and were reinstated after the public mutiny. There is still a huge influence by increasing inflation to any payments made in the local currency and the instability of Bitcoin does not make the cryptocurrency a good alternative.

Team Toast, the developer of DAIHard- the decentralized and resilient from oppression fiat-to-crypto gateway, has developed a strategy for the Zimbabwean people. A ‘Blueprint for an Economic Jailbreak’ they have published as The ZimDai Whitepaper. The goal in using the Dai stablecoin, DAIHard and Bis as the main instruments is to resolve the challenges like user education and ease of use, state opposition, patchy and government-controlled internet connectivity, and funding issues which is how the Zimbabwe crypto initiative will try and save the country from further economic turmoils.

The most important question about the strategy lies in recruiting a network of ZimDai agents. The aforementioned agents can be anybody who can utilize cryptocurrency/Dai services with certainty and will utilize this to offer bank-like services to non-agents. Services will include inter-city transfers, international Dai to cash-in-hand for remittances from abroad, access to South African bank accounts, or simply education on how to set up and use the Dai stable cryptocurrency. Agents would charge a certain small commission fee for the services provided, and users would be able to avoid the huge fees that are charged by banks and other financial institutions.