Plans are under way to launch Africa Master Coin - the continent’s first cryptocurrency - in order to capitalize and enable more foreign direct investment and easier trade within Africa, according to Business Report.
Trapeace Holdings says it has partnered with a Korean company regarded as leader in blockchain development, to create the Africa Blockchain Foundation which would develop and launch Africa Master Coin.
The cryptocurrency to be linked to the various African countries' currencies is expected to be launched later this year.
“Many African companies operate across borders within the continent and paying suppliers is known to be a cumbersome process. A uniquely African cryptocurrency will greatly improve cross-border payments between African countries. Our goal is to make the Africa Master Coin as accessible and usable as possible,” said George Gordon, Trapeace Holdings director and a board member of the Africa Blockchain Association.
Gordon said the currency could also help African countries deal with low cash reserves, protection against hyperinflation, volatile currencies and financial uncertainty.
Meanwhile, the South African Reserve Bank (Sarb) is setting up a dedicated unit to monitor cryptocurrency and fintech developments and inform future regulations and its first job will be to set up a proof of concept (PoC) for DLT-based interbank clearing and settlement, FinExtra reported.
By Jade Olafson