How does Zimbabwe trade digital currency

1. Is one MB C the digital currency of Zimbabwe? If this digital currency is indeed Zimbabwe's digital currency, it is also a kind of currency developed at a later stage.

2.

Zimbabwe carried out monetary reform on February 2 this year, removing 12 zeros from its huge banknotes, that is, the current 100 billion banknotes will be equal to 1 yuan. In August last year, the Central Bank of Zimbabwe announced that it would remove the 10 zeros from the bank notes, but it rose back because of hyperinflation. At present, Zimbabwe's inflation rate has reached 1 billion percent. From January 2008 to one year ago, the devaluation of the currency has reached 100 billion times, which is beyond the speed of the legal currency and gold yuan coupons issued by the Chinese Kuomintang government 60 years ago. On January 16, this year, Zimbabwe issued a set of new banknotes with the largest denomination in the world, including 10 trillion, 20 trillion, 50 trillion and 100 trillion Tianjin yuan. However, because the denomination is too large and inconvenient to use, according to the official exchange rate of Zimbabwe on February 8, the current 1 US dollar and 32.19 new Zimbabwean dollars have depreciated by 50% in five days compared with February 3. It seems that there will be another super large denomination banknote in Zimbabwe in a year. After all, it does not solve the real problem. It does not work to delete zero banknotes alone

the figure below shows the new Zimbabwe dollar

issued on February 2

3.

Zimbabwe's currency is known for its crazy devaluation, and "Billionaires" are everywhere Ten billion Zimbabwean dollars is not even a dollar

Zimbabwe's foreign currency shortage and high deficit are putting the country at great risk. People seeking to preserve their assets have to choose between the scarce US dollar, the "bond currency" just issued by the government last year, bitcoin, which is famous for its huge risks, and various consumer goods

Zimbabwe's commodity export prices are relatively high. In 2016, Zimbabwe's exports fell 6.9% year-on-year, according to the website of the African Development Bank. Roger Southall, a sociology professor at the University of Witwatersrand in South Africa, wrote that although the proction of tobacco, Zimbabwe's main export commodity, has recovered, the quality of tobacco has declined, so export profits are also at a low level

extended data

Zimbabwe Wei reasons for inflation:

1. The land reform around 2000 is the beginning of decline. In 2000, the land reform was changed into violent land reform. Many veterans seized the land directly by force, and they did not pay enough or no compensation to the original owner of the land. The negative result of land reform is obvious. Violent land reform has become a long-term conflict between white farmers and black people. After the black veterans and black people in power got a large area of land, they would not cultivate it effectively

The government has been busy with the party struggle for a long time and has no time to develop its own economy. First, in the 1980s, ZANU and ZAPU fought. Around 2008, there was another election dispute between MDC and ZANU. The long-term party struggle and the government's unwillingness to economic and social development have resulted in bad results

3. Many rounds of Western sanctions make the economy of Tianjin and Pakistan worse. From 2000 to 2002, the Zimbabwean government implemented the "rapid land reform plan", which expropriated white land and resettled black farmers without or without land, resulting in unprecedented intensification of social conflicts in Zimbabwe

Subsequently, the United States and Europe announced a series of sanctions against Zimbabwe. Specific measures include property freeze and travel ban for specific indivials; For example, sanctions policies related to international financial institutions (IFIs); Such as government to government restrictions on loans and development assistance and arms embargoes. Western economic sanctions have made Zimbabwe's domestic economy worse

4. Excessive currency leads to economic collapse. Gono, the governor of the central bank, has no independence of monetary policy at all. He is frantically issuing money to meet the domestic political needs. At the same time, we should realize the double track system of exchange rate and control the official exchange rate. On the one hand, the Zimbabwean dollar (Zimbabwean dollar) depreciated rapidly and continued hyperinflation; On the other hand, the official exchange rate remains stable, resulting in a huge difference from the market exchange rate

4.

China has not established a currency exchange mechanism with Zimbabwe. The minimum denomination is 500 Jin Yuan, while the price of a roll of toilet paper has reached 150000 Jin Yuan; The largest denomination is 50000 Jin Yuan

100 trillion yuan for 15 yuan is equivalent to 100000000000 yuan but one yuan note. Small denomination banknotes with collection value will become very rare e to their low value

In fact, the problem of conversion is not tenable now, because Zimbabwe has already abolished the Zimbabwean dollar and used the US dollar as its currency. Before the cancellation, the 100 trillion Zimbabwean dollar was only US $0.5. At that time, if the exchange rate was 1 US dollar = 7 RMB yuan, the exchange rate of 1 US dollar was about 15 trillion Zimbabwean dollars

5. 1) Zimbabwe dollar has already collapsed. I have one of the largest denominations in my hand with 13 zeros at the back.
2) Zimbabwe is now in circulation of USD, US dollars, and the state controls foreign exchange. If it is an indivial, it is generally to bring some US dollars into Zimbabwe by various means, such as hiding in sole of shoes, smelly socks, sandwich and so on, As a result, the small denomination U.S. dollars circulating in Zimbabwe are dirty and feel like they will melt soon
3) of course, if you need us dollars in Zimbabwe, you can also find the local Chinese hotel and transfer RMB to them online. They will give you US dollars in cash.

6.

Zimbabwe's inflation is not caused in the near future. Since 2004, its high inflation rate has been concerned by western countries. In 2006, Tianjin's inflation rate reached 1042.9%. It is generally believed that the high inflation rate is mainly caused by the country's food shortage and the rapid rise of food prices

Therefore, the government has taken various measures to curb the rising trend of high inflation rate. Another reason for inflation is Zimbabwe's four consecutive years of drought and crop failure

To make matters worse, since 2000, western countries led by Britain and the United States have imposed economic blockade on the country, requiring it to repay its foreign debts as soon as possible, resulting in a serious shortage of foreign exchange, fuel oil and electricity

extended information:

the economic risk brought by sudden political changes in Zimbabwe has prompted the country's bitcoin price to rise by 10%, while before, the country's bitcoin price has been at a high level, "leading" the global market

according to the US Fortune website on November 15, the price of bitcoin on the website of Zimbabwe golix exchange soared to US $13499, almost double the international market price (about US $7000)

At the same time, the premium of international currency including US dollar in Zimbabwe's disordered market is close to 100%

in Zimbabwe, which has been short of hard currency for a long time, high-risk bitcoin has become an important saving and hedging tool for the people of the country. Behind this is Zimbabwe's long-standing internal and external troubles, such as ultra high inflation (57.03%, 0.48%, 0.85%), foreign exchange shortage and economic crisis

At one time, Zimbabwe was the second largest economy in southern Africa after South Africa, but its economic development has failed in the past decade. His land reform, economic reform and monetary policy have failed

7. Hello
as this kind of money is not worth money, it cannot be exchanged in Bank of China
you can't do it online. You can sell it on eBay! Taobao above can also go to see!

8. This is Zimbabwe's 2008 version of 100 trillion yuan notes. At present, Zimbabwe has stopped using its own currency and switched to the US dollar. Therefore, this kind of banknote is useless and cannot be converted into money. It has only collection value. At present, the market value in the postal currency market is about 18 yuan.

9. You are sick! If you want to collect it, you can go to one billion face value. How dare you think about it!