Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade


On Nov. 2, the African Digital Asset Framework (ADAF) launched with a mandate to promote cryptocurrency commerce within the continent. Co-founder Felix Macharia said ADAF is an open-source software platform to create cross-border standards for cryptocurrency and blockchain technology. It will also complement the African Union’s Single African Digital Market initiative, which leverages technology to stimulate digitized economic integration. Also Read: Brazli’s Tax Authority Goes After Cryptocurrency Profits ‘Digital Assets Know No Borders’ “ADAF was formed by organizations in the digital asset space who looked to harmonize standards and regulation in the space,” Macharia, who heads strategy at the Nairobi-based project, told “Digital assets know no borders. If Africa is to benefit from the full potential of distributed ledger technologies and even from agreements around free trade, we must start drafting standards, legislation and regulations that are in line with this new reality,” he added. The framework, which is backed by ambassadors of the African Union, its member states and the African Development Bank (AfDB), marked its inception with a research and development paper on digitally-driven borderless commerce within the African continent and between its diaspora. The paper points to virtual currencies like bitcoin as key to enhancing economic integration within and beyond the continent, while actively developing strong legal and technological standards on the project’s open-source platform. Africa has an economic footprint across the globe through its diaspora, but trade between African countries accounts for only 11 percent of the continent’s collective gross domestic product. Africa’s inchoate intra-continental trade…
Source: Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

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