What if Zimbabwe were to start its own cryptocurrency based on Bitcoin? What would change? With our own cryptocurrency, Bitcoin might become useless in Zimbabwe, should Zimbabwe individuals embrace the local cryptocurrency over Bitcoin or Ethereum.
BitFinance, the leading African blockchain company, is seriously thinking about creating its own digital currency.
Actually, the thought of creating our own virtual currency isn’t far-fetched. Zimbabwe is small country occupies a unique position and Zimbabweans are not known for being extremely tech-savvy. The country’s income and corporate tax rates are very low as well, which does help draw in entrepreneurs.
To make its cryptocurrency superior over bitcoin, Bitfinance must educate the RBZ and the RBZ must acknowledge the existence of cryptocurrency.For the initial distribution, we are not yet sure of the distribution method. For example, the Startup could premine all the coins and then divide them equally among all their citizens. Premine is basically a few high-reward blocks the dev solomines before releasing the coin. If the RBZ decides to partner, they could have “1 central bank” where all accounts must be held. Cryptocurrencies could be ushering in the era of Big Brother instead of guarding against him. What do you think?
Taking the technology’s potential into account, the RBZ should carefully analyze future FinTech developments.
The goal of the new cryptocurrency is to raise funds to help expand the country’s economy and increase its global presence. The currency would be usable to purchase goods and services in the country and other African countries and could be used to power domestic start-ups. Another thought is that the coin could be used to strike a blow for independence as more than 90% of the country are self-employed.
When the new cryptocurrency finally emerges, a percentage of the Bitcoin market will be taken over. Still, this plan is still in the early stages, but it’s exciting to see a country-leaning towards creating its own digital currency.
Last month the crypto-currencies exchange added two additional crypto-currencies to its exchange, Litecoin and Dash.
What do you think about Bitfinance’s consideration of creating its own cryptocurrency?