African Firm Launches Network to Boost Trade Using Crypto
On Friday, the newly-launched African Digital Asset Framework (ADAF) issued a vow to progress crypto-related commerce throughout the entirety of Africa. The head of the initiative, Felix Macharia, stated that ADAF is a software platform that is open sourced in order to pursue borderless crypto and blockchain tech standards.
The ADAF is also due to work alongside the AU’s Single African Digital Market goals, which utilizes tech to promote a digital economy.
According to the founder, the ADAF found its stride through the desire to regulate and create standards in the region’s crypto sphere.
Felix stated that virtual currencies have no borders limiting them, and Africa can benefit from DL tech and free trade, but rules and regulations need to be implemented to allow for an efficient crypto environment.
The new platform, backed by the AU and the AfDB, was derived through research and a paper detailing the digital-minded, border-free ecosphere in Africa. The investigations reveal that digital currencies such as BTC are the core of a newly enhanced eco-environment inside and outside of the African continent. It can do so as it develops further standards for the project’s framework.
Even though Africa is a large economic entity engaging in business all over the world, internal trade accounts for just over 10% of gross domestic product.
ADAF released a statement saying that digital currencies may allow for a secure method by which consumers and business can trade, both P2P and across national borders. This will allow people to gain access to and transfer around things such as land deeds, currency, and even votes online.
Macharia also said that the project, which is constructed around the concept of group creation, can exhibit tech codes and suggestions for regulations and policy for various areas of commerce, info on sustainable projects, and think-tanks from leaders in different communities.
It will include an interface that is translated into many different languages for residents, authorities, business owners, and policy makers to put forth solutions and standards for regulations. These aim to mirror changes that occur in the cryptosphere, in addition to allowing translations for various proposals.
Many big leaders in the industry put their signatures on the initiative, such as Ameenah Gurib-Fakim, Adewale Iyanda, and even Queen Diambi Kabatusuila Tshiyoyo Muata.
ADAF had originally been introduced as a concept on Nelson Mandela’s international day in the UN over the summer. It will be led by organizations such as Raise, Kotani, and more.