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Common currency for Africa

2020.06.19

Hoskinson referred to the continent as Cardano’s “final frontier” and highlighted the enormous potential of that region.Hoskinson referred to one of the projects IOHK is developing that could bring great benefits to Africa: fertilizer vouchers. In that sense, Hoskinson said IOHK is focused on building a new financial system, along with Cardano. This differentiates IOHK from other projects .

Our own company, for example, in Ethiopia right now we’re bidding on a project for six million small holder farmers for fertilizer vouchers.The fertilizer voucher project is part of an initiative to provide African farmers with tools to help them increase their production. Fertilizer vouchers could be a way to improve the distribution of resources to African farmers. Hoskinson said that it is possible to build an identity system and from there build a system of reputation, a market, collective decisions, distribution of production, without the need for government involvement.

In addition, it allows us to create all kinds of new financial products that can dramatically improve the lives of the poorest, while enriching developing nations. For example, fertilizer coupons have a high repayment rate ranging from 15% to 25% return for people who take the risk. So, we could package (these coupons) into assets that can be sold in regulated financial markets (…).Similarly, Hoskinson said the continent is an exciting place to do business. There are countries in the region with a population under 30 years old that is around 70%. These young people are aware of technological advances,  and are “begging for system change”.

Author : Reynaldo