In December this year, the nation of South Africa is set witness the unveiling of the Afri Union Coin (AUC), a virtual asset which has been built by AMBC, a firm based in the nation.
The virtual asset is created to be used by telco firms as well as retail outlets all over the nation. All retailers who have accepted to make use of the virtual asset are presently in the process of adjusting and organizing their fiscal bionetworks.
According to George Gordon, the director of AMBC, blockchain is a revolutionary technology which is sweeping across the world and the African continent must not be left behind. Africa needs to transform its payment systems as well as push for use of technologies which developed within the continent.
Crypto Is The Currency Of Tomorrow
According to Gordon, the prospect of all coinages is virtual and that the African continent is in a better place of leading the way so that there can be a mass acceptance of the virtual assets.
The most important aspect that the virtual space should establish a sound foundation in order for the people to change from fiat and credit cards to virtual assets in a fast and seamless way.
The main purpose of AUC is being the only coinage in the whole African continent, thus making it the subsequent step towards free trade in the African continent. Reliable information from people behind the venture indicate that the virtual asset will be promoted and used as a global currency which is created to come up with more commercial prospects for Africans.
For instance, in case an African starts a business involving importing goods from Europe, they can make use of AUC to make global remittances more reasonably and safely.
AUC For Everyone
Gordon says that their main intention is to ensure that AUC is available to people, irrespective of their level of education. This includes those who have little or no education to experts in the fiscal sector. Due to its ease of use, there will be no need for a big change.
In many ways, African are already use to cell phones due to the high rate of cell phone use. It will be therefore easy for them to have a stand that holds their resources safely in the virtual space. This is better than having to carry credit cards or cash.
According to Gordon, AUC will go a long way in assisting to enhance cross-border remittances among nations in Africa. In this regard, AMBC is doing all it can to ensure that AUC is not only easily accessible, but it can also be used easily. This in many ways, will be instrumental in addressing the challenges in Africa like inadequate resources to assist in the thriving of small businesses.
A good case in point is Zimbabwe which has faced low cash stashes. Virtual assets can assist the government to tackle these issues. Additionally, virtual assets can also safeguard against the effects of run-away inflation, where unstable domestic currencies and fiscal uncertainty have taken center stage for a long time.