Zimbabwe is known for being a progressive agrarian country. But, the country has been facing drastic financial crises from the last few years. Not only it is struggling as an underdeveloped country for decades but has also faced serious inflation quarrels in the past. In 2008, the inflation rate in Zimbabwe crossed up to 89.6 sextillion percent that led to a massive economic decline in the entire country.
Right after 2009, Africa was introduced with the first cryptocurrency – Bitcoin that runs through smart and efficient blockchain technology. Despite being surrounded by numerous adversities, Zimbabwe didn’t let the opportunity go out of its hands and took interest in exploring cryptocurrency.
Not too late, South Africa achieved a success rate of 96% in trading bitcoin and other cryptocurrencies worldwide. As surprising it may sound to you, the country is rapidly progressing today towards digital growth and in a consistent hunt to stabilize its collapsed currency.
From trading the trillion-dollar bitcoin to making excellent profits out of it, Zimbabwe faced an unexpected spike in the flow of its dollar currency. Cryptocurrency works through decentralized blockchain technology. For anyone who doesn’t know what is blockchain, it is a secure yet decentralized peer-peer network that holds records of all your transactions carried out digitally.
Not only in day-day transactions but this useful way of sending and receiving payments was also a major help in exchanging payments for the Agricultural sector. Besides, there are many other benefits of blockchain that helped the country cope up with all the financial crises they had been facing throughout the years.
We all are well-acknowledged with the extremely poor history of the Zimbabwe government in managing finances and providing basic necessities to the country. However, only a smart like blockchain technology can prove to be the savior grace for Zimbabweans in making their today but also tomorrow.