CAPE TOWN - An African crypto currency called Afri Union Coin (AUC) (formerly known as African Master Coin), developed by Africa Master Blockchain Company (AMBC), is all set for launch to the public in December 2018.
The coin will be tradable from the beginning of 2019 and various telecommunications and retail clients across South Africa are busy modifying and preparing their financial ecosystems for the arrival of the new digital currency.
George Gordon, Director of AMBC and board member of Africa Blockchain Association, said the future of currency is digital and Africa could potentially lead the way. What is needed, is for industry to lay the groundwork so that people can switch from cash and cards to digital currencies swiftly and easily.
“Blockchain has taken the world by storm and Africa shouldn’t have to play catch-up. We should be revolutionising our own payment systems and pushing the technologies we are developing within our own borders,” said Gordon.
This vision aligns with President Cyril Ramaphosa’s goal of a single African currency, which would be the ‘next step’ to an African Continental Free Trade. Afri Union Coins’ tokens will be link to the various’ African countries, making it similar to regular currencies but with myriad benefits for companies, investors and end-users.
Although the currency has been developed for Africa, Afri Union Coin (AUC) will be marketed and used as an international currency.
One of the goals for the currency is to create more business opportunities for Africans. The Afri Union Coin team used the international roadshows to spread awareness about the currency and answer questions that international parties had about the currency.
“If an African business person or entrepreneur opens a store that sells goods from Japan, for example, they can use Afri Union Coin to make international payments more affordably and securely,” said Gordon.
While businesses and entrepreneurs will benefit from the African crypto-currency, the biggest market that the company is pursuing is the man on the street.
“We want Afri Union Coin to be accessible to people who aren’t educated in investment or professionals in the banking or trading sectors. It’s easy to use, so there won’t be a big swtich-over. Africans already have a phenomenal cell phone penetration rate, so it would only make sense for people to have a platform that handles their wealth more securely in the digital space instead of carrying around cash and credit cards,” said Gordon.
In August Safcoin, a cryptocurrency aimed at the African market launched in South Africa.
The digital currency is the brainchild of Pretoria brothers, Neil and Tony Ferreira.
Neil Fereirra, chief executive of Safcoin said the introduction of an African cryptocurrency meant that it was the perfect time for Africans to enter the market.
“We predict that once Safcoin is open for trading on the exchange, the increased token volume and spike in demand for Safcoin will have a positive influence on their value,” Fereirra said at the time.
The company has allocated 500 000 Initial Coin Offering (ICO) tokens available for purchase during the exclusive South African pre-sales stage, which was launched in July.
All investors will need a digital wallet, known as a blockchain wallet, to store their Safcoin tokens.
When you buy a Safcoin token, you will be issued a referral link, which you can share with others. If someone purchases tokens using your unique link, you will earn 5 percent commission, which can be used towards purchasing more tokens.
So, for every 20 tokens sold using your referral link, you will receive one token in commission.
-BUSINESS REPORT ONLINE