ADAF Launches Framework to Encourage Crypto Trade

Pan-African Organization African Digital Asset Framework (ADAF) Launches Framework to Encourage Cryptocurrency Trade

On Nov. 2, the African Digital Asset Framework (ADAF) started with a mandate to promote cryptocurrency trade within the united states. Co-founder Felix Macharia said ADAF is an open-source program platform to make cross-border criteria for cryptocurrency and blockchain technology. It will also match the African Union’s Single African Digital Market initiative, which leverages technology to excite digitized economic integration.

“ADAF was shaped by associations from the electronic asset space who looked to harmonize standards and regulation in the area,” Macharia, who directs strategy at the Nairobi-based project, informed news.Bitcoin.com. “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 begin drafting standards, regulations and laws 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 trade in the African continent and involving its diaspora. The paper points to virtual monies such as bitcoin as key to improving economic integration within and beyond the continent, while actively developing powerful technological and legal standards on the project’s open platform platform.

Africa has an economic footprint throughout the world through its diaspora, but trade between African countries account for just 11 percent of the continent’s collective gross national product. Africa’s inchoate intra-continental trade infrastructure is partially accountable for the great conundrum where some African countries earn a measly 5 percent royalty for their natural resources, according to pan-Africanist journalist Baffour Ankomah.

“Digital assets create a safe way for folks to trade, peer-to-peer, across borders, allowing people to securely access and transfer things like currency, identities, land titles and votes on the internet,” ADAF said, in a different online announcement. Standards will be tabled, edited, discussed, and implemented on the ADAF platform, with a view to”promoting digital asset ownership and value exchange in digital economies involving Africans and its diaspora.”

Macharia stated that the platform, constructed around the notion of collective creation, will display technological codes and policy proposals for different industrial businesses, data on sustainable development goals, and thought leadership from community members. It features a multi-lingual port for people, civil society, entrepreneurs and policymakers to propose solutions, actions and criteria of self-regulation that reflect changes in the cryptocurrency space, in addition to providing translation solutions for such proposals.

Diplomatic heavyweights signed into the pan-African initiative include former president of Mauritius Dr. Ameenah Gurib-Fakim; AfDB chief of corporate governance and shareholder relations Adewale Iyanda; and Queen Diambi Kabatusuila Tshiyoyo Muata of DRC’s Kasai Kingdom.

ADAF was initially introduced into the worldwide community as an idea on Nelson Mandela international day at the United Nations in July. It is directed by its three founding member associations: Raise, Kotani, and andalba.one, and supported, as a platform, from the ADAF Foundation, which can be registered as a trust in Kenya.

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