A new Pan-African organisation aimed at promoting cryptocurrency trade within the continent has been officially launched.
The Africa Digital Assets Framework (ADAF) was first launched in July 2018 during Nelson Mandela International day in the United Nations. The Pan-African organization has officially released its research and development paper which outlines the prospects that distributed ledger technologies and digital assets present to Africa.
“Digital assets create a secure way for people to trade, peer-to-peer, across borders, enabling people to securely access and transfer items like currency, identities, land titles and votes over the Internet. This presents an unprecedented opportunity to create trade networks for commerce throughout the continent and among its diaspora”
African Digital Assets Framework (ADAF) is the first transnational open source platform, similar to GitHub, the platform aims to act as an open repository where standards are presented, discussed, edited, and implemented.
According to the initiative, the organisation plans to work in line with the African Union’s Single African Digital Market initiative, which seeks to leverage technology to stimulate digitised Pan-African economic integration.
ADAF initiative plans to work with partners’ across and beyond the continent in order to provide a strong legal and technological standard that can be adopted by companies, regulators and supported by the cryptocurrency community.
ADAF Plans To Draft ICO Framework
According to reports in February 2018, 46% of ICOs held in 2017 are already dead despite raising over $100 million. Many governments in Africa have been warning her citizens against cryptocurrency terming them as a scam.
In order to ensure that Initial Coin Offering coming from Africa don’t exit with investors money, part of the ADAF’s mandate is to draft a framework, which will serve as a blueprint for all ICOs coming out of Africa protecting startups from stiff government regulations while providing a healthy environment for investors.
The African Digital Assets Framework platform is co-founded by three member organisations, which include Raise Impact CEO Marvin Coleby, co-founder alba.one Josiah Mugambi and Felix Macharia co-founder at Kotani Incubator. The initiative is backed by the members of top African organisation including ambassadors from African Union (AU), African Development Bank (AfDB), amongst others.