Zimbabwe’s first cryptocurrency is called the GMA Token. This is unique in Zimbabwe because businesses operating within the republic can now make use of blockchain technology, cryptocurrency and the rapidly growing ‘crowdfunding’ initiative called an Initial Coin Offering (ICO). One might ask, why does Zimbabwe need a cryptocurrency, blockchain technology or an ICO? This is a very important question that should be asked and here are the answers below:
ICO: Benefits
ICOs are basically online crowdfunding activities used to finance startup projects. The GOLDMA ICO will be able to raise the needed capital to expand the business and reward investors. Given the hesitant stance that the international investment community has taken toward Zimbabwe in the past, crowdfunding is a simpler way of tapping into the foreign investment pool, which may consist of thousands of willing and able individuals.
Global investment for Zimbabwean businesses can now by-pass all the complicated formalities that do not exist in the world of ICOs because everything is done on a blockchain platform where there are no middlemen. This means every individual has an opportunity to invest in Zimbabwe directly through the ICO and in return they will receive a quarterly royalty in the form of Ether (a digital bearer asset).
Diasporian’s needed effort to invest in Zimbabwe
Zimbabwe has millions of its citizens spread around the world that earn enough money to invest back home from small to large-scale operations. According to Zimbabwe’s ‘The Herald’ newspaper report on the 22nd of December 2017, President E.D Mnangagwa engaged Zimbabweans in the diaspora and urged them to invest in their home country.
ICOs could afford diasporians that opportunity to sponsor local businesses and get a significant return on their investment. It is common knowledge that Zimbabwe is a country of great wealth as far as natural resources and business opportunities are concerned. Judging from the promising future of the GMA Token, Zimbabwe stands to gain from cryptocurrency.
Why Cryptocurrency and ICO in Zimbabwe?
Zimbabwe has been hemorrhaging investors for years; however, since November 2017 its government has been rebuilding investor confidence and opened the country for business. For this reason, acquiring investors through cryptocurrency is ideal because everything operates on a blockchain platform. There are many advantages to blockchain technology that can help Zimbabwean business ensure trust between them and their investors.
Operating On Blockchain Technology: Benefits
Blockchain technology is transparent and so all the information pertaining to the investment is available for all users on the blockchain platform. This means that any data that has been logged and authenticated by users and developers is virtually impossible to alter and manipulate. So, for people who are worried about investing in Zimbabwe, all misgivings can be mitigated because GMA will avail to its token holders, a detailed financial report that shows how the funds were used. Also, all cryptocurrency records are available on the universal ledger which is how the blockchain technology works. The success of GMA’s transparency factor will go a long way in restoring Zimbabwe’s reputation to investors.
The blockchain platform has no middleman that executes transactions, instead, there are smart contracts in place that ensure that users settle their transactions much faster.
What about Cybersecurity? Is Blockchain safe?
Data is not stored on a central data hub but instead on a network of servers across the globe, this means that should the system face attack from cybercriminals, only a small if not negligible amount of data is compromised, instead of the entire network which would be undesirable.
GMA is basically opening the doorway for more investments in Zimbabwe because of the re-assuring elements of transparency, security, and portability that comes with the use of blockchain technology.
What Do Investors Stand To Gain From This Cryptocurrency?
The GMA token enables a smooth and simple process of paying out royalties to investors abroad without breaching Zimbabwe’s monetary policies. Due to the liquidity crisis that the country is currently going through, externalizing money is unlawful and it makes it difficult to pay royalties to investors abroad. However, GMA token holders will receive a 5% royalty of the net profits in the form of cryptocurrency (Ether) instead. So, money may come into the country as an investment but fiat currency will not be leaving the country. These are the efforts of GMA to overcome the cash crisis and reassure investors at the same time that they will be able to get a return on their investment every quarter.
The beauty of GMA cryptocurrency is that smart contracts will be in place and transactions are instant since it is all done on an online platform. Because there is no third-party, investors will receive their royalties in their wallets without all the daunting procedural traditional steps of remitting royalties.
The future of cryptocurrency in Zimbabwe is beyond promising. It all begins when the GOLDMA ICO is launched this month. It is good for Zimbabwe, it is good for Zimbabweans.
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Country: Zimbabwe
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