# Dash and KuvaCash Partner to Fight Inflation in Zimbabwe with Cryptocurrency Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-11-23 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Dash and KuvaCash Revolutionising Payments in Hyperinflated Meta Description: Learn how Dash and KuvaCash are pioneering a digital currency revolution in Zimbabwe, providing a fast, secure, and cost-effective payment system. URL: https://financedigest.com/dash-and-kuvacash-partner-to-fight-inflation-in-zimbabwe-with-cryptocurrencyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd231117-10-1736843209592-compressed.jpg) The Pilot Program Will Determine the Viability for Digital Currencies in other Hyperinflated Nations Dash, the top digital currency for payments, has today announced an ambitious joint venture with KuvaCash, a program designed to solve Zimbabwe’s ballooning inflation, collapsing currency, and declining national economy. KuvaCash is a Dash-record $550K USD undertaking, funded directly by the Dash treasury via its unique governance model, and aims to provide Zimbabwe with its first-ever peer-to-peer localized cryptocurrency payment service for anyone with a phone-number-based messaging system. Currently, locals wait hours in [bank queues to access their money](https://www.financedigest.com/frothy-stock-market-valuations-a-dash-for-cash-and-digital-money-all-on-bank-of-englands-risk-radar.html "Frothy stock market valuations, a dash for cash and digital money – all on Bank of England’s risk radar") and are experiencing exorbitant fees on transactions. The Zimbabwean [Government has tried to address the crisis by issuing bond](https://www.financedigest.com/lg-says-not-a-forced-seller-of-uk-government-bonds.html "L&G says not a forced seller of UK government bonds") notes matching the price of the U.S. dollar as a fix, but this remains a stop-gap measure, rather than a permanent money system. CEO of Dash Core Ryan Taylor said, “I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits. This [project in particular is well-researched with value](https://www.financedigest.com/global-frozen-pizza-market-value-projected-to-reach-us-32-89-bn-by-2031.html "Global Frozen Pizza Market value projected to reach US$ 32.89 Bn by 2031") propositions, branding, and go-to-market strategies tailored to the local market. Combining the ideal network – Dash – with a well-considered [strategy](https://www.financedigest.com/how-to-establish-a-successful-technology-strategy.html "How to establish a successful technology strategy") should lead to a high probability of success.” Set to commence in Q2 of 2018, KuvaCash will introduce a cash replenishment model to instill confidence in residents, allowing them to cash out their digital currency into USD fiat at any time, greatly reduce transaction fees, and provide enhanced financial security and liquidity. Dash is the only cryptocurrency that allows [instant payments](https://www.financedigest.com/instant-payments-and-the-need-for-standardization.html "Instant payments and the need for standardization") between individuals and businesses at incredibly low cost of about three U.S. cents per transaction, compared to approximately $5 USD fees per bitcoin transaction, giving Zimbabweans a globally traded [currency](https://www.financedigest.com/currency-trading-in-a-spin-after-polish-explosion.html "Currency trading in a spin after Polish explosion") they can feasibly trade, spend, and receive, either locally or internationally. Finance and Technology Director of KuvaCash Andreiko Kerdemelidis said, “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](https://www.financedigest.com/women-in-technology-that-you-should-know-but-probably-dont.html "Women In Technology That You Should Know (But Probably Don’t)") 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. KuvaCash will give locals an ideal alternative to [improve their ability to do business](https://www.financedigest.com/how-can-call-tracking-improve-your-business.html "How can call tracking improve your 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.” KuvaCash is pursuing a money exchange and remittance license in Zimbabwe and the project is [expected to receive government and reserve bank](https://www.financedigest.com/spain-expects-to-agree-with-banks-mortgage-relief-measures-by-end-of-week.html "Spain expects to agree with banks mortgage relief measures by end of week") backing. The entire proposal was [approved and fully-funded by Dash’s masternode system](https://www.financedigest.com/portugal-approves-new-vetting-system-after-string-of-hiring-scandals.html "Portugal approves new vetting system after string of hiring scandals"), making it the largest single proposal to date. Taylor said, “KuvaCash has the potential to greatly [lower the costs](https://www.financedigest.com/companies-cost-inflation-is-slowing-but-shoppers-may-wait-for-lower-prices.html "Companies’ cost inflation is slowing but shoppers may wait for lower prices") of transacting, and provides consumers with a store of value that is more easily secured than the physical cash used today. Combined, this should result in dramatic improvements to the economy by lowering the barriers to conducting commerce and savings that citizens face today. If our pilot in Zimbabwe is successful, we will possess a reference roadmap for addressing similar [issues in other countries](https://www.financedigest.com/imf-should-issue-new-reserves-to-help-countries-tackle-overlapping-crises-groups.html "IMF should issue new reserves to help countries tackle overlapping crises – groups") suffering from hyperinflation and volatile economic conditions.” KuvaCash will launch as a free, downloadable app to allow the seamless execution of trades, exchange to and from USD, as well as mobile payments and top-ups. The initial [launch will service agents that will facilitate the infrastructure on the ground](https://www.financedigest.com/seenthis-launches-ground-breaking-segment-by-segment-optimization-technology-for-display-advertising.html "SeenThis launches ground-breaking segment-by-segment optimization technology for display advertising"), ensuring physical kiosks are available for Zimbabweans looking to opt for a supplementary method of payment. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---