New regulation governing mobile money transactions has resulted in the introduction of Zimbocash cryptocurrency, Zimbabwe’s first decentralised currency system.

Zimbocash co-founder and spokesperson Philip Haslam said the sole purpose was to develop a network of Zimbabweans who own and trade Zimbocash in day-to-day transactions.

He said: “We have created a sound money system with 4,5 billion ZASH tokens. Zimbabweans can rest assured that the supply of ZASH is fixed using blockchain technology. Our goal is to make sure that eventually Zimbabweans can get into retail shops and pay for goods and services using ZASH.”

Haslam explained that the Zimbocash token - known by its trading ticker- is developed using the blockchain-based TRON network decentralised platform using a TRC-10 contract.

“The system is secure, fast, cost effective and scalable enough to handle up to two thousand transactions per second with a 15-second block time,” he added.

Haslam said: "We've created an initial network and with the launch of the token and the listing on Bithumb Global, we're delivering on the second two pillars. With an online wallet and currency that people can access, we believe that the network is now going to grow substantially”.

Originally from South Korea, the Bithumb Global exchange offers USDT and Bitcoin trading pairs with crypto investors from around the world. The exchange will market Zimbocash to international buyers.

Vice President of membership-driven industry body ZICT (Zimbabwe Information and Communication Technologies)), Torriro Isaac Chaza warned that the company should anticipate challenges from authorities.

However Haslam said: “If the public comments of the finance minister and the previous two most recent monetary policy statements are anything to go by, they show that the attitudes of the government have since changed from the days when the government spoke against cryptocurrencies. It appears as if the government has warmed up to Zimbocash … we await the regulations with keen interest”.

In the interim, the company is in the process of solving operational challenges of identity verification through KYC and, according to Haslam, is looking to implement USSD functionality to be “as inclusive as possible by reaching those who do not have smartphones.”