Would the Zimbabwean CBDC result in a loss of sovereignty to foreign powers.

14 Sep 2022, 14:35

6. Would the Zimbabwean CBDC result in a loss of sovereignty to foreign powers? Ultimately, there is a risk that Zimbabwe loses control of its financial system to global institutions. The United Nations, the International Monetary Fund, the World Economic Forum and other global institutions do not represent the interests of Zimbabwe. They are not elected by Zimbabweans – nor indeed by any other country for that matter. A Central Bank Digital Currency system runs a very real risk that Zimbabwe would cede control to these foreign powers and would ultimately be a loss of sovereignty to these organisations who do not have the interests of the Zimbabwean country at heart. The Solution In our view, there is only one feasibly solution for Zimbabwe to retain its sovereignty and dignity. The solution, is decentralised sound money. Indeed this is the only solution for any country wanting to explore alternatives to the CBDC system. This is what we are pursuing with the ZIMBOCASH ecosystem. As a currency, ZASH is fixed in supply using blockchain technology. We are pioneering the dream of bitcoin – a network of buyers and sellers making peer to peer payments in Zimbabwe using a currency that is fixed in supply. Ultimately, money printing enables gross centralised control, whereas decentralised sound money enables local freedoms for people and for nations. If Zimbabwe were to embrace a decentralised sound money system, Zimbabwe would be the only country in the world that has a fixed supply of money. In a world where countries are printing extreme amounts of money, Zimbabwe could become a banking centre. It would be a country where people would want to put their money! How the ZIMBOCASH team plans to deal with some of the weaknesses in digital currencies mentioned above: 1. Cash: Every country needs some level of cash. Our goal is to implement a point of sale payments system where we can issue prepaid cards that can be used to transact between people in trade who do not have access to the internet. This would be similar to the fuel voucher system that was previously implemented in country. It would be the way of creating cash from a cashless system. 2. ID: While any payments system needs a thorough ID verification solution to avoid fraud, we are very concerned regarding the invasive plans being made by global institutions. We use standard ID verification approaches used by established verification agencies, which are safe, effective and private. 3. Tech Development: A blockchain is an open system that can be fully audited and reviewed by other parties. ZASH currently uses the TRON decentralised ecosystem which has been fully peer reviewed and is open-source. 4. Fixed Supply of Money: We use blockchain technology to fix the supply of money– no-one, not even ourselves can change the supply of money. If you are from Zimbabwe, you can sign up to receive $8 worth of ZASH and can earn more when you refer others. If you are not from Zimbabwe you can sign up to follow what we are doing or purchase ZASH directly: www.zimbo.cash/register Stay tuned for more on this series on Zimbabwe’s monetary alternatives: 1. The US dollar is not the solution to Zimbabwe’s problems 2. Why Central Bank Digital Currencies are not Zimbabwe’s hope. 3. Why gold is not the silver bullet. 4. Why Bitcoin is not Zimbabwe’s bit. 5. Why not other cryptos. 6. Is a currency board the best? Kind Regards The ZIMBOCASH Team