Ramaphosa suggests cryptocurrency for Africa

President Cyril Ramaphosa has supported the idea of a single currency for the African Union, and suggested that it may be digital-only, the Mail & Guardian reported.

The suggestion comes after a meeting of the African Union in Rwanda, where 44 nations met to sign a deal to establish the African Continental Free Trade Area (AfCFTA).

While South Africa is a signatory to the declaration, Ramaphosa did not sign the country up to the AfCFTA, saying he must get approval from stakeholders in South Africa.

He said the next step following the discussions of a free trade area across the continent is a single currency.

Ramaphosa said he wasn’t sure what a single African currency will look like, but said a digital currency may precede a “real” single currency – as it is easier than having a “proper, full” currency.

The report suggested that an “African Bitcoin” might be on the cards to implement this idea.

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Ramaphosa suggests cryptocurrency for Africa