Closing conditions

Author: | Published: 23 Apr 2019

Zimbocash… central bank 2.0?

Venezuela's Nicolas Maduro may have beaten them to the punch with the Petro coin, but that doesn't seem to be stopping currency-less southern African nation Zimbabwe from pioneering crypto-technology in the quest to restore its fortunes.

Zimbabwe scrapped its own currency in 2009 after sharp hyperinflation and pegged its quasi-currency bond notes to the US dollar, but as time has passed the system has become untenable. In February, authorities removed the peg, allowing rates to deviate. Recent shortages have led to rises in oil and goods prices, and general unrest.

The country's central banking system has been in turmoil now for some time – and some see blockchain as the answer.