AFRO Foundation, a non-governmental organisation based in Geneva, Switzerland, has launched the AFRO, the first Pan-African cryptocurrency, which it says is dedicated to growth and development in Africa.
Africa being a global leader in mobile money, is now welcoming its first digital currency, AFRO, which would provide a reliable, safe and secure solution suited to Africa’s development challenges. This is against the backdrop of numerous national currencies affecting trade and growth on the continent.
The advances of blockchain technology contributed a great deal to the development of cryptocurrencies, which have achieved strong momentum worldwide and are being actively used by millions of people. In Africa where mobile payments are widespread, digital currencies represent a veritable revolution. Interest grows exponentially on the African continent for this new form of currency, which can be used to carry out secure, traceable and low-cost financial transactions.
“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,” a statement from the Foundation read.
“The AFRO is a 100 percent 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 19th June 2018, correlated with Africa’s GDP and monetary stock, which symbolically equates to 600 AFRO per African inhabitant.
AFRO Foundation’s governance relies on 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.