South African Orania Community To Trial eOra Cryptocurrency Benefits

Orania is found in the most remote area of the Northern Cape Province in South Africa and is notorious for its exclusive population consisting of Afrikaners, who are primarily Caucasian. At the moment, the Orania Chamber of Commerce has been the only entity to offer fiat currency for their community. Even though the area only includes about 1,600 people, but they have decided to work on their own digital currency, which would be an alternative option to the Ora called the E-Ora.

In reports from the Associated Press, there was an experiment that took place early in the year. According to Daniel Dames, who is the chairman for the Chamber of Commerce in Orania, plans to provide relief for the community if there is either hyper-inflation or devaluation of the Ora.

The E-Ora is not exactly the same as Bitcoin. The main different is that they basically want to be the equivalent of the fiat currency in the area, but available digitally.

According to Dames,

“If the rand became so weak that one were to decide to walk away from it, one could perhaps couple (the E-Ora) to something else, such as a basket of currencies out there. Or something inside Orania. Something comparable that has value.”

Locally, the group is still working to establish this digital currency, so it is not active fully yet. However, some community members with access enjoy the low fees associated with shopping and transacting. Plus, the safety of using digital currency ensures that consumers will not have the risk of losing cash while out and about. Furthermore, there will not even be a need to print currency at all.

Peter Krige, who coordinates the digital currency initiative, made the following comments when the company announced the plans last year:

“It is basically electronic cash that will be moved from wallet to wallet with every transaction without the commercial banks standing in the middle. In this way friction and cost is removed from the transaction. Both consumers and retailers will save between three and five per cent per transaction.”

While the digital currency is being tested out, the fees are about 0.5% of the transactions. The enthusiasts of keeping this new currency believe that it will help maintain their “culture” of exclusivity. The community is still in its infancy, only having been established in 1991 and measuring 8,000 hectares. Their biggest source of revenue for the community is tourism, though agriculture comes as a close second. They even have only a 2% unemployment rate, which is 24% less than the rest of South Africa.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

Bitcoin Self-Custody Provider Casa Now Allows Users to Buy BTC via Apple Pay

Bitcoin self custody service provider, Casa now allows its customers to buy and hold their own bitcoin. Selling BTC is not supported yet. According...

Four Top Chinese State-Owned Banks Are Testing The Chinese Digital Yuan Project (DCEP)

In an unconfirmed report, four Chinese state-owned banks are gradually testing the ‘digital renminbi’ wallet app and Digital Currency/Electronic Payment (DCEP) system in different...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today