• Coining it

    Coining it

    Africans will soon have access to the continent’s very own cryptocurrency.

    Developed by Africa Master Blockchain Company (AMBC), the Afri Union Coin (AUC) is set for launch in December and will be tradeable by 2019, according to an IT News Africa report.

    AMBC director and Africa Blockchain Association board member George Gordon says the future of currency is digital and it is important for people to make the switch from traditional forms of payments to tokens seamlessly. ‘We should be revolutionising our own payment systems and pushing the technologies we are developing within our own borders,’ he adds.

    The AUC offers many benefits for companies, investors as well as end-users, according to the developers. While it is specifically developed for Africa, it will be marketed as an international currency with the aim of creating more business opportunities for the continent.

    It is designed to be easy to use, making it accessible to people who are not knowledgeable about the investment market as well as professionals in the banking and trading sectors.

    2 October 2018
    Image: Gallo/Getty Images