Dash has formed a new partnership with KuvaCash in a bid to promote the use of digital currencies in Zimbabwe’s ailing economy.
Zimbabwe has seen a tumultuous week in the political and financial arena, seeing both President Robert Mugabe’s resignation and the local price of Bitcoin soar over $12,500 USD values. Now, in the nick of time, Dash has announced a new partnership with KuvaCash which could place the digital currency as the premier means of exchange in the nation.
Dash Core cites that its vision is to provide Zimbabwe with its first-ever peer-to-peer payment service that will service any citizen with a phone-number based messaging system. The program, which will be funded directly by the Dash treasury to the tune of $550K USD, will roll-out in the first quarter of 2018.
Dash Core CEO, Ryan Taylor, announced his view that Zimbabwe could become an ideal vector for the company – quipping that:
“I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits.
This project, in particular, is well-researched with value propositions, branding, and go-to-market strategies tailored to the local market. Combining the ideal network – Dash – with a well-considered strategy should lead to a high probability of success.”
KuvaCash is presently pursuing a money exchange and remittance license in Zimbabwe which is expected to receive government and reserve bank backing. The company will further launch a new cash replenishment model designed to enable citizens to cash out Dash into USD fiat at any given time.
Finance and Technology Director of KuvaCash Andreiko Kerdemelidis offered that:
“The informal economy has U.S. dollars in circulation, but they are no longer being managed by banks and are physically quite dirty. People are scrubbing bills and hanging them up on clotheslines to dry, selling the cleaner bills at a 10-20% markup. The bonds the Zimbabwean government introduced in 2009 (pegged against the USD at a 1:1 exchange rate) are a stopgap measure, we don’t know what the long-term plan is for these notes but it is fair to say that Zimbabweans currently prefer USD bills to extant mobile-phone based payment solutions or bond notes.the
KuvaCash will give locals an ideal alternative to improve their ability to do business and buy everyday goods and services without hassle, overpaying on fees, and using secondary markets. The people of Zimbabwe deserve a far better solution and we plan to give it to them.”
Dash’s price has soared to new levels in the wake of the announcement, topping values at the $550 USD mark at the time of writing.
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