The Swiss-based AFRO Foundation has announced on Thursday the launch of the first pan-African cryptocurrency. Called “AFRO”, it is an “important innovation” that should accompany the development and growth of the African continent.
Africa finally has its first digital currency. According to the AFRO Foundation (a Geneva-based NGO) bringing together economists, experts in cryptocurrency, as well as humanists and thinkers), the new cryptocurrency, AFRO, was designed to support the continent’s economic growth. and its societal development. “It comes in particular to reduce transaction costs and remittances, facilitate trade between countries and regions of the continent and contribute to the financial inclusion of individuals and SMEs in Africa,” says the Foundation on Thursday, December 13 in a statement .
The new digital currency is emerging in a context of multitudes of local currencies hampering African trade and growth. “Already listed and tradable on STEX, Crex24 and Golix stock exchanges, AFRO will soon be available on Cryptopia, Luno, Ice3X, NairaEx, Remitan, Belfrics, CoinDirect, Coinexchange.io, CryptoBridge. AFRO is one of the coins listed on CoinGecko where its exchange value is expressed in real time, “says the Foundation. Thus, it is a reliable, secure solution adapted to the multiple development challenges facing the African continent.
For this launch, 750 billion AFROS were issued on June 19, 2018 in correlation with the GDP and money supply of the continent, symbolically the equivalent of 600 AFROS per capita, adds the Foundation in its statement. The new cryptocurrency is 100% Proof of Stake (POS), to consume very little energy, “taking into account the latest technological developments of the blockchain”.
To achieve the objectives of the new cryptocurrency, AFRO Foundation has set up a Committee of Founders consisting of African and international personalities and experts who will work to support and support the development of cryptocurrency.
Increasing interest in cryptocurrencies
According to the Foundation, a growing interest in cryptocurrency has been noticed for some time on the Continent. “Designed thanks to the progress of blockchain technology, cryptocurrencies are on the rise all over the world and are already used by millions of people in their exchanges,” says the Foundation, stating that “in Africa where the mobile payment is extremely developed, the use of cryptocurrency is a real revolution. The interest in this new form of money to make financial transactions in a secure, traceable and low-cost way continues to grow on the continent. “