Frequently Asked Question

WHAT IS CZAR?

CZAR is a stable coin pegged to the South African Rand, backed and built by a secure and reliable cryptocurrency exchange.

CZAR utilizes blockchain technology to allow for the storage, sending, and receiving of a digital token that is pegged to the South African Rand at a 1:1 ratio and is fully backed and always convertible at exactly 1 CZAR to R1.00, on ChainEX, giving it a stable price.

CZAR is a digital currency, built upon the Binance blockchain, that is pegged to the South African Rand, being a “stable” reserve asset. It is designed in this way to reduce volatility relative to unpegged cryptocurrencies like Bitcoin, while still inheriting some of their most powerful qualities, being:

• CZAR is transparent, global, and accessible to anyone on the internet twenty-four hours a day;
• CZAR is fast, cheap, and secure to transmit;
• CZAR is digitally native to the internet and programmable.

CZAR is backed by South African Rands of at least equal fair value to the amount of CZAR that has been minted and is stored in accounts with regulated financial institutions.

CZAR tokens are not money but are new assets that move across the blockchain just as easily as other digital currencies and thus facilitating the use of South African Rands in a digital manner. CZAR gives customers the ability to transact with a traditional currency across the blockchain, without the inherent volatility typically associated with a digital currency.

How Can You Use CZAR?

You can use CZAR in the following ways:

• You can use CZAR to trade on Decentralized Exchanges (DeFi)
• CZAR can be used to provide liquidity to Decentralized Exchanges and liquidity pools
• CZAR can be used to reduce the risk of price volatility within the cryptocurrency sphere  
• You can use CZAR to make any payments. You can send CZAR to other people both locally and internationally without the risk of price fluctuations.
• You can earn fees with CZAR. Stake CZAR to earn in liquidity pools on DeFi to earn trading fees.

Frequently Asked Questions (FAQs)

Here are a list of a few Frequently Aksed Questions:

Will I be able to change my CZAR into South African Rands?

Yes, as the CZAR tokens are minted on a 1:1 basis, each rand that is exchanged for CZAR is held by ChainEX and can easily be exchanged for South African Rands again.

What can CZAR be used for?

CZAR has many uses from decentralized trading to payments to earning fees by providing liquidity to a liquidity pool and it has even been used to take advantage of arbitrage.

Can I use CZAR if I do not have a registered account on ChainEX?

Yes, CZAR is on the public Binance Smart Chain (BSC) blockchain and can be used by anyone.

How can I get CZAR tokens?

CZAR tokens can be obtained in one of the following ways:

• By creating a ChainEX account, funding the account, and exchanging Rands for CZAR tokens; or
• By using a DEX (decentralized exchange) to exchange other cryptocurrencies for CZAR; or
• CZAR can be sent to you from other individuals who own CZAR.

If I have lost my device are my funds lost?

If your CZAR tokens are stored on a private wallet, they can only be recovered with the private key or keywords for that private wallet.

If your CZAR is stored on ChainEX and you lost access to your ChainEX account you will need to verify your details to regain access to your ChainEX account.

Which exchanges can I send my CZAR tokens to?

CZAR should only be sent to exchanges that support and accepts the CZAR token.

Are CZAR coins divisible to cents like the South African Rand?

Yes, you can hold as little as 0.00000001 of a CZAR Token.

For some more information like the CZAR roadmap and some more FAQs regarding CZAR, please feel free to visit the CZAR home page here.

In order to view the terms of the CZAR Stable coin, then click over here.

If you are not sure how to BUY cryptocurrency then please take a look at this Knowledge Base topic over here.