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AFRO Foundation launches pan-African cryptocurrency

The advances of blockchain technology contributed a great deal to the development of cryptocurrencies. (Image source: QuoteInspector.com/Flickr)

AFRO Foundation has launched the AFRO token, the first pan-African cryptocurrency dedicated to growth and development in Africa

The foundation, which is a non-governmental organisation based in Geneva, Switzerland, stated that the cryptocurrency will provide a reliable, safe and secure solution suited to Africa’s development challenges.

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.

“AFRO is the first cryptocurrency designed for Africa and dedicated to Africa’s economic growth and societal development,” a statement from the foundation read.

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 statement continued.

“It will be a 100 per cent Proof-of-Stake (PoS) environmentally-friendly currency: very little to no energy is required, as the latest blockchain technological developments are taken into account,” it added.

An amount of 750bn 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 foundation’s governance relies on a Founders Committee which was created to assist and support the development of the cryptocurrency.

The committee aims to bring 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 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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