African Digital Asset Framework Project Officially Launches

 

 

 

 

The African Digital Asset Framework Project (ADAF) was officially launched on November 2, with the goal of furthering the development of digital currency trading and commerce across the African continent, while building “digital bridges for trade and commerce among Pan-African communities.”

According to a Medium post detailing the launch, the ADAF open-source platform is designed to create “transnational standards” for blockchain and digital assets that align with the continent’s Pan-African goals for development throughout the continent. It is intended to complement the digital integration objectives of the African Union’s Single African Digital Market project.

The ADAF is reportedly supported by ambassadors representing African Union member states, as well as the African Development Bank, and led by founding members from alba.one, Raise, and Kotani.

In its announcement, the ADAF said:

Digital assets are secure, borderless and do not require expensive infrastructure — they can be sent anywhere, anytime, inexpensively and by anyone. There is an opportunity to build digital bridges for trade and commerce among Pan-African communities in the diaspora and within the continent. Currently, only 11% of Africa’s GDP comes from Pan-African trade.

 

However, there is a need for strong legal and technological standards to support these technologies. ADAF works together with ecosystem partners across the continent and its diaspora to create standards that can be adopted and customised by companies and regulators.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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