An African cryptocurrency 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 the 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 linked 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 affordable 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 switch-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.