An African encrypted currency called Afri Union Coin (AUC) (formerly known as African Master Coin), developed by Africa Master Blockchain Company (AMBC), is ready to be released to the public in December 2018.
The currency will be traded from the beginning of 2019 and several telecom customers and not only throughout South Africa are busy modifying and preparing their financial ecosystems for the arrival of the digital currency.
George Gordon, director of AMBC and board member of the Africa Blockchain Association, said the currency's future is digital and that Africa could potentially lead the way. What is needed is for the industry to lay the groundwork so that people can quickly switch from cash and cards to digital currencies.
One of the currency's goals is to create more business opportunities for Africans. The Afri Union Coin team used international roadshows to spread awareness about the currency and answer questions that international parties had about the currency.
"If an African entrepreneur or entrepreneur opens a shop that sells goods from Japan, for example, they can use Afri Union Coin to make international payments in a more accessible and secure way".
We want Afri Union Coin to be accessible to people who are not investment educated or professionals in the banking or commercial sectors. It's easy to use, so there won't be a big change. Africans already have a phenomenal rate of mobile phone penetration, so it would make sense for people to have a platform that handles their wealth more securely in the digital space, rather than carrying cash and credit cards, Gordon said.
