When Money Destroys Nations is a book authored by a guy named Philip Haslam who believes Zimbabwe urgently needs a decentralized currency system to solve the severe problems in its money and banking system.
ZIMBOCASH is free to join Zimbabwean cryptocurrency and only available to Zimbabwean residents and Zimbabweans in the diaspora who have a Zimbabwean ID document. Those who sign up receive 100 000 ZIMBOCASH and further allocations if they refer others, with the amount allocated being halved every three months.
According to a statement that was released by the company some months ago, ZIMBOCASH is listed on a bitcoin exchange at a list price of US$ 0.02 each. Based on this value, each 100 000 ZIMBOCASH allocation could be worth up to $2 000. Buyers and sellers will be able to trade ZIMBOCASH with reference to a market price.
Since its launch, the exchange has seen a surge in users across Zimbabwe opening new accounts every day and users referring to other users which ultimately increases amounts held due to the referral program.
However, since launching the platform for all Zimbabweans, ZIMBOCASH has never had a problem until a week ago when the platform just went dark out of the blue, and users of the platform were unable to transact during this time.
So they released a statement through TechZim who reached out to them:
We had a few scam attempts on our network. We needed to temporarily take the payments service down while we patch the scam account loophole.
We had originally been relying on cellphones as a proxy for identity – we were notified that some people were able to buy up to 150 SIM cards at a time to scam the system.
Unfortunately it always is just a few individuals who spoil it for the others.
We’re busy working on the identity alternatives.
Although ZIMBOCASH gave this update, they were supposed to update their users of the latest updates the moment it happened without leaving users in the dark at the same time, they did not give a date as to when payments will resume