Zimbabwe: Zim Businessman Designs Pan-African Digital Currency

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Bitcoin (file photo).
1 December 2019

Zimbabwean-born businessman, Amos Tsopotsa is set to join an exclusive group of African entrepreneurs that have entered the lucrative digital currency space.

Tsopotsa and his team will be unveiling the African Digital Coin (ADC) in a few weeks' time.

The ADC$ is an Ethereum based coin (ERC20) designed to "Connect the World" with a reliable blockchain-based bank and a blockchain marketplace, that will simplify means of payments, buying, selling and transfer of funds globally.

The ADC is a token for Africa Digital Bank that can be used for all utility payments and the company's marketplace.

Tsopotsa says the Pan-African tokens will promote safe and open interaction in his company's ecosystem.

Holders of "our tokens" will get discounts when they purchase on Tsopotsa's digital market Africa. The ADC makes offers a secure decentralised registry for collection of any products.

He explains: "We aim to empower merchants by giving them easy and trusted payment systems based on blockchain technology through our ADC Pay system."

Furthermore, he says: "Africa Digital Coin will be used as a medium of exchange for buyers and sellers for global trade within the blockchain-based digital marketplace platform.

"The Digital Marketplace is where sellers will be able to advertise their goods and services and buyers can make purchases easily by using Africa Digital Coin (ADC$)."

Additionally, the businessman says ADC$ is designed as a non-discriminatory bank and marketplace dedicated to help the unbanked, SMEs and entrepreneurs that seek financial services and products at low-cost.

Tsopotsa said "proper banking is key to financial security in any society. What better way than to give people access to financial product, services and better control over their funds, a new Crypto currency built in a business model as ADCs would be perfect".

"With 66% African population are unbanked with our financial inclusion policy and low-cost banking environment, implementing a new Crypto currency will reduce the cost for members/users.

"Not only making the banking low-cost but with a new Crypto currency, we can better provide services while incentivising our members such as reduced interest rate, cash back, discounts and reward."

Tsopotsa believes that at least 30% of the current unbanked gain financial inclusion through his platform that he says would help increase and drive economic growth across Africa.

He also encouraged Africans to embrace the 4th Industrial Revolution by considering using digital and crypto currency.

"Using Crypto currency it benefits the users greatly as faster, secure, and safer to transfer of value and does payments from one person to another, payment/settlement confirms in minutes when doing cross border transaction which normally takes an entire week to wire funds at a lower cost. Bit coin cost less than 0.01% fee to transfer almost $2bln USD as shown on the block chain," he says.

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