Why Africa needs a single digital currency to prosper

[shariarporosh]

Why Africa needs a single digital currency to prosper.

For Africa to prosper Africa needs a common currency and better banking facilities. Neither of the two is freely available in Africa. The estimated figure for 2022 is only 48% of Africans will have a bank account. So the need to provide a common currency and banking facilities is critical for Africa to prosper.

Since the launch of the African Union from the Organisation of African Unity, A united Africa under one flag was born in 2002. This union has created the pathway for a single African currency a possibility. With the birth of Bitcoin in 2009, the idea to create a single digital currency for all 55 countries in Africa for the Africans to use was born. A digital currency to hold, send, receive & trade has eliminated the need for a bank account. In 2022 more than 650 million Africans use mobile phones more than in the USA and Europe. A simple App on the mobile phone can be used to Hold, Send & Receive this digital asset was born when the first digital currency was created. This App which is called commonly a wallet has taken many transformations to become a super wallet that has eliminated the need to have a bank account. In fact, these wallets have become better than banks with their instant transfer of funds. Unlike banks which can sometimes take more than 3 to 5 days for your funds to clear. Even banks are starting to look at this new technology. In April 2022 45 Central Bank governors met in El Salvador to see the benefits of BitCoin as a currency.

What are the advantages of digital currency for Africa?

1) Transaction is instant. This eliminates cash flow issues for small traders in Africa. Transaction cost is minute, with no monthly bank fees. All transactions are visible for everyone to see on the Blockchain. No confusion about whether the payment was made or not.

2) By managing your own finances makes you understand money better. Once you understand the money you become more business savvy. Once you are business savvy your chances of getting out of poverty will increase.

3) The need to understand technology is eliminated since the whole operation is done inside the wallet. Makes it easy for a rural farmer with very little technical knowledge can still manage his own money properly.

4) The ability to trade internationally will open up a huge market for small businesses in Africa. Imagine the size of the market for a small trader selling local artefacts to 8.5 Billion potential customers.

5) Every African with a mobile phone can buy and sell products internationally instantly.

These are just a few advantages for Africa. The benefits for Africa are enormous.

What is AlkebuLAN’s Money?

AlkebuLAN was created by a team who are passionate about seeing a prosperous Africa. It is a social project meaning all money raised will be spent on developing rural Africa. The Dev Team are Civil Engineers who have worked as Engineers / Managers in the construction industry in the United Kingdom. Together they have more than 50 years of experience in construction. Building infrastructure projects are nothing new to them.

Africa and Africans need basic facilities. They need schools for their children to get basic education in their own villages. They need Water and Electricity in their villages. They also need access to money in their villages. The need for a project that can deliver all these facilities has become important. With the advancement of Cryptocurrencies, this has become easy. The need to approach businesses for help was eliminated to maintain its not-for-profit status. Initially, the Token LAN was created on the Stellar Network and launched on the Lobstr Wallet. LAN Stellar Tokens can be bought on any stellar wallet with XLM’s. Then LAN was created on the Binance Smart Chain and launched on the exchange Pancakeswap. LAN BSC can be bought on Pancakeswap, Poocoin App & Dextools for BnB and can be stored on Trust wallet or metamask wallet. AlkebuLAN’s Money has started creating a decentralised wallet to hold, send, receive, and trade. The wallet will be available to use in early 2023. Businesses to be able to accept payments for the goods and services will be added to the wallet after the initial release. This project can be easily replicated in other regions of the world without any change. Imagine the potential for small businesses in Africa, Asia & Latin America with just one single digital currency.

As digital currency in Africa continues to flourish, more entrepreneurs, families, and willing investors are witnessing the rise of the African economy. Money transfers and online banking will likely support the growing economy as it joins the rest of the world in the technology age. With continued global support, African citizens will be able to lift their economy to new heights. The Central African Republic has become the first country in Africa to make BitCoin legal tender along with its currency. CAR is also planning to create a crypto-free zone in the country.

If you are interested to find out more about this project and would like to chat with others who are also interested in this project visit the AlkebuLAN’s telegram group. Here you can ask questions and find out more about the project. To promote the project AlkebuLAN’s Money is conducting an Airdrop and giving away 10,000,000 LAN. To join the Airdrop visits their channel.

Website: https://alkebulans.money/

[skrimon]

That African governments are not now regulating cryptocurrency may be a factor spurring its growth on the continent; however, there is no guarantee that governments will not change their current mindset.
Rather than simply not wanting to, governments may be powerless to regulate cryptocurrency, the Nigerian central bank indicated recently. Currently tackling the country’s 12% inflation rate, the Nigerian apex bank announced that it could not control or regulate Bitcoin, “just the same way no one is going to control or regulate the internet. We don’t own it.”
Fearing a collapse of the banking industry or arbitrary appropriation of money by the government, Africans without access to banks and who live in politically unstable countries could be attracted to cryptocurrency. “Bitcoin transactions help to eliminate the procedural bottlenecks that plague traditional banking and financial services,” Mr. Darko explains.