Zimbabwe offers a way to test blockchain’s worth, says edwardcropley:
Zimbabwe’s central bank said on Feb. 22 it was devaluing its domestic currency by 60 percent against the U.S. dollar.
Finance Minister Mthuli Ncube said on Feb. 25 the new currency would be backed by fiscal discipline, adding that the government would allow it to fluctuate but would manage excessive volatility. Before the devaluation, Zimbabwe’s de facto domestic currency, which had a nominal 1:1 value to the U.S. dollar, was trading at a discount of as much as 75 percent.
Harare scrapped the Zimbabwe dollar in 2009 after hyperinflation that topped out at 500 billion percent. In its stead, it adopted the U.S. dollar and South African rand.
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