African Cryptocurrency To be Launched Soon
Trapeace Holdings intends to develop and launch a crypto-currency for exclusive use in Africa. The offering is scheduled to be launched towards the end of 2018.
The partners plan to create the Africa Blockchain Foundation which will ultimately develop and launch the Africa Master Coin.
The new digital currency is based on the use of tokens that are linked to various’ African countries, which, according to Trapeace Holdings, means it is similar to fiat currencies.
There is a constant value fixed for tokens to local currencies.
The idea of the action is the make possible the opportunity of a regular cryptocurrency with all its benefits and potential risks, but also allow for a stable digital currency solution, which will offer stability as well as complete mobility freedom.
Trade will be either through the publicly-traded coin itself by making direct payments or using the privately-traded tokens.
Trapeace added, that retailers will be able to convert the tokens back in the publicly traded coin and use it for paying restocks or liquidate the coin and then use the fiat currency for payments.
The Director of Trapeace and board member of African Blockchain Association George Gordon said that once launched, the Africa Master Coin will enable more efficient foreign investment from overseas as well as faster and easier trade within Africa. He added
“Many African companies operate across borders within the continent and paying suppliers is known to be a cumbersome process. A uniquely African crypto-currency will greatly improve cross-border payments between African countries. Our goal is to make the Africa Master Coin as accessible and usable as possible”.
According to his view, at the current moment the partners are not concerned about the impact of regulators that remain sceptical of crypto-currencies and continue to warn citizens against using them.
In any case, Gordon didn’t accepted that the recent BTC Global Bitcoin scam in South Africa has shed a bad light on crypto-currencies and the industry as a whole.