It is called AFRO and is the first Pan-African cryptocurrency. 750 billion AFROs have been issued, which equates to 600 AFROs per African inhabitant.
The AFRO Foundation has created the first African cryptocurrency, which aims to be an instrument for the continent's economic development and growth.
Based in Switzerland, the non-governmental organization has issued a press release last Thursday detailing the project's goals as follows: "lower transfer and transaction costs, facilitate trade exchange between African countries and regions, and contribute to the financial inclusion of individuals and African SMEs."
The new cryptocurrency is already traded on several cryptocurrency exchanges and in some African stock markets. According to the AFRO Foundation, the price of the currency is updated in real time, making it a safe and reliable solution for financial operations across the continent.
750 billion AFROs have been issued, correlated with Africa's GDP and monetary stock, which symbolically equates to 600 per African inhabitant.
The AFRO Foundation believes this new cryptocurrency will play a crucial role in the future of financial transactions across the continent, following a trend in which "millions of people" use digital payment methods for their convenience, "security, transaction log, and low cost."