A common currency for Africa

Charles Hoskinson, predicts the creation of a pan-African currency

Cardano creator and CEO of the Input-Output Hong Kong (IOHK) company, Charles Hoskinson, predicts the creation of a pan-African currency that could be built on the Cardano blockchain if early adoption of the cryptocurrency is encouraged. IOHK aims to give access to the financial system to the 3 billion unbanked people living in Africa.

Banking in Africa

The interest of the Cardano Foundation in Africa is not new. Nathan Kaiser, Chairperson of the Cardano Foundation, says: "Legislation is key to adoption and real use cases of blockchain. The Cardano Foundation is proud to be at the forefront of shaping blockchain-enabled sustainable growth in Africa. We are open to working with the continent’s countries to establish robust governance policies, assess existing laws and policies. Our aim is to help African nations to shape legislative and commercial standards while ensuring accountability, which in turn will create new jobs and ensure sustainable growth. Blockchain will afford African countries to diversify their economies and help the continent to increase its innovation and investment attractiveness.”

Hoskinson posted a video update talking about the future of Cardano and its adoption in Africa. He referred to the continent as Cardano's "final frontier" and highlighted the enormous potential of the region. One of the projects being promoted in Ethiopia involves the use of fertilizer coupons. The project is part of an initiative to help African farmers with their products and distribution capabilities. Fertilizer coupons are a way to improve the distribution of resources that go to African farmers. Hoskinson determined that an ID system can be built and, from there, build a reputation system, a market, product distribution, without the need for government participation or arbitrage. According to Hoskinson, the project enables the creation of all kinds of new financial products that can dramatically improve the lives of the poorest, while improving the economies of developing nations. For example, fertilizer coupons have a high repayment rate ranging from 15% to 25% of annualized return. One possibility is to pack the coupons into assets that can be sold and traded in regulated financial markets. Hoskinson affirms that Africa as an exciting place to do business. The share of people under 30 nears 70%. All these young people are aware of technological advances and are begging for a change in the system rules. IOHK is focused on building a new financial system, along with Cardano. This sets IOHK apart from other projects like Tezos, Ethereum, or EOS. The creation of a new financial system is a secondary effect of the solutions that IOHK is working on. This new system, Hoskinson said, will give access to financial markets to nearly 3 billion unbanked people. A pan-African currency is likely to emerge in the next 30 years. Furthermore, Hoskinson said that the common coin may be a cryptocurrency built on the Cardano blockchain.

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