Africa Gets Its First Cryptocurrency named 'AFRO'
The first Pan-African cryptocurrency has been launched and it is called AFRO.
It was launched by AFRO Foundation, a non-governmental organisation based in Geneva, Switzerland.
AFRO Foundation says the cryptocurrency is dedicated to growth and development in Africa.
There has been much talk on cryptocurrencies lately, with many describing it as the future of world currencies and AFRO is coming against the backdrop of numerous national currencies affecting trade and growth on the continent.
It is also coming at a time that other cryptocurrencies are losing value, triggering fears.
According to the foundation, the AFRO provides a reliable, safe and secure solution suited to Africa’s development challenges.
Interest has continued to grow on the African continent where mobile payments are widespread, and AFRO Foundation says digital currencies represent a veritable revolution.
Explaining what Africans can achieve with the digital currency, the foundation said: “The AFRO is the first cryptocurrency designed for Africa and dedicated to Africa’s economic growth and societal development.
“It will notably lower transfer and transaction costs, facilitate trade exchange between African countries and regions, and contribute to the financial inclusion of individuals and African SMEs.
“The AFRO is a 100% Proof-of-Stake (PoS) environmentally-friendly currency: very little to no energy is required, as the latest blockchain technological developments are taken into account”.
An amount of 750 billion AFRO was issued on 19 June 2018, correlated with Africa’s GDP and monetary stock, which symbolically equates to 600 AFRO per African inhabitant.
The cryptocurrency was launched with a Founders Committee which was created to assist and support the development of the AFRO cryptocurrency.
The Committee brings together experts and African and international personalities around a common cause, for the economic and societal development of the African continent.
The Founders Committee is destined to expand, with a view to bringing together economic, political, financial, digital, cultural, academic, institutional, and civil society representatives from across the continent.
To mark the launch of the AFRO cryptocurrency, the Founders Committee is mounting a major awareness campaign to enable a vast number of users to find out about and experiment with the AFRO as a Pan-African, transregional currency.
The first 200,000 users will receive a wallet containing 50 AFROs.
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