On Nov. 2, the African Digital Asset Framework (ADAF) launched with a mandate to raise cryptocurrency commerce within the continent. Co-founder Felix Macharia replied ADAF is an open-source software platform to create cross-border standards for cryptocurrency and blockchain technology. It ordain also complement the African Union’s Single African Digital Call initiative, which leverages technology to stimulate digitized economic integration.
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‘Digital Assets Recollect No Borders’
“ADAF was formed by organizations in the digital asset space who looked to harmonize insigne singular of insignia and regulation in the space,” Macharia, who heads strategy at the Nairobi-based project, explained news.Bitcoin.com. “Digital assets know no borders. If Africa is to aid from the full potential of distributed ledger technologies and even from agreements about free trade, we must start drafting standards, legislation and proclamations that are in line with this new reality,” he added.
The framework, which is subsidized by ambassadors of the African Union, its member states and the African Development Bank (AfDB), signal its inception with a research and development paper on digitally-driven borderless mercantilism within the African continent and between its diaspora. The paper points to practical currencies like bitcoin as key to enhancing economic integration within and beyond the continent, while actively expatiate on strong legal and technological standards on the project’s open-source platform.
Africa has an budgetary footprint across the globe through its diaspora, but trade between African fatherlands accounts for only 11 percent of the continent’s collective gross indigenous product. Africa’s inchoate intra-continental trade infrastructure is partially front-office for the great conundrum whereby some African countries earn a paltry 5 percent royalty for their natural resources, according to pan-Africanist newswoman Baffour Ankomah.
ADAF to Spur Cross-Border Trade
“Digital assets dream up a secure way for people to trade, peer-to-peer, across borders, enabling people to securely access and over items like currency, identities, land titles and votes throughout the internet,” ADAF said, in a separate online statement. Standards force be tabled, discussed, edited, and implemented on the ADAF platform, with a perspective to “encouraging digital asset ownership and value exchange in digital economies between Africans and its diaspora.”
Macharia voiced that the platform, built around the idea of collective creation, command display technological codes and policy proposals for different commercial sectors, observations on sustainable development objectives, and thought leadership from community associates. It includes a multi-lingual interface for individuals, civil society, entrepreneurs and policymakers to present solutions, actions and standards of self-regulation that reflect changes in the cryptocurrency span, as well as offering translation services for such proposals.
Diplomatic heavyweights gave to the pan-African initiative include former president of Mauritius Dr. Ameenah Gurib-Fakim; AfDB chief of corporate governance and shareholder in the matters Adewale Iyanda; and Queen Diambi Kabatusuila Tshiyoyo Muata of DRC’s Kasai Field. There is also a high-profile tech buy-in, with ambassadors such as the AU’s Principal of Internet Society and ICT Infrastructure Moctar Yedaly and chair of Kenya Blockchain and AI Taskforce Dr. Bitange Ndemo.
ADAF was initially introduced to the far-reaching community as an idea on Nelson Mandela international day at the United Nations in July. It is led by its three start member organizations: Raise, Kotani, and andalba.one, and supported, as a platform, by the ADAF Underpinning, which is registered as a trust in Kenya.
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Images courtesy of Shutterstock.
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