Cryptocurrency has long been trumpeted and used as a tool to escape the hardships of abusive, inflationary financial regimes. Step forward an audacious plan to economically jailbreak the entire population of Zimbabwe with Dai.<\/p>\n
Bitcoin use has soared in Zimbabwe over the past year, as the government has applied increasingly oppressive legislation on citizens in an attempt to prop up the failing economic system. A ban on foreign currency transactions sent LocalBitcoins use soaring, resulting in large premiums on BTC price in the region.<\/p>\n
US Dollars are still transacted on the black market but this leaves a heavy reliance on cash, as digital payment methods are not accessible. For digital payments, citizens were using local mobile phone-based cash-in cash-out services. These were also banned in October, but reinstated after a public outcry.<\/p>\n
But still, any payments in local currency are affected by increasing inflation, and the volatility of bitcoin makes it a less than ideal alternative.<\/p>\n
Team Toast, developer of the decentralised and oppression resilient fiat-to-crypto gateway, DAIHard, has put forward a plan for the entire nation. A Blueprint for an Economic Jailbreak if you would,which they have published as The ZimDai Whitepaper.<\/p>\n
Utilising the Dai stablecoin, DAIHard and Bis as its major tools, it attempts to overcome challenges such as user education and ease of use, state opposition, patchy and government-controlled internet connectivity, and funding issues.<\/p>\n
The core of the plans revolves around recruiting a network of ZimDai agents. These agents could initially be anybody who can use cryptocurrency\/Dai services with confidence, and use this to offer bank-like services to others.<\/p>\n
Services would include inter-city transfers, international Dai to cash-in-hand for remittances from abroad, access to South African bank accounts, or simply education on how to set up and use the Dai stable cryptocurrency. Agents would charge a small commission for these services, but user would still be avoiding the huge fees charged by banks and other financial institutions.<\/p>\n
The project is currently looking at a potential token sale to raise funds from the cryptocurrency community in order to put the plan into action and start recruiting agents.<\/p>\n
Clearly, there is still much work to do. But at Christmas, it is nice to see a project using cryptocurrency for the good of others, rather than a desire for profit. After all, wasnt that a big part of the whole idea in the first place?<\/p>\n
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