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Africa Unites in Currency Revolution: PAPSS Launches Dollar-Free Trade Platform

2025-06-29 21:45:12

Main Idea

The Pan-African Payment and Settlement System (PAPSS) has launched a dollar-free trade marketplace to reduce reliance on the U.S. dollar and strengthen African monetary sovereignty, leveraging blockchain technology for real-time settlements.

Key Points

1. PAPSS enables real-time, 24/7 settlements without hard currency involvement, involving 16 central banks and over 150 commercial banks.

2. Over $2 billion is currently 'trapped' in African trade due to currency conversion inefficiencies, which PAPSS aims to resolve.

3. PAPSS partners with Interstellar, a pan-African blockchain provider using the Bantu network, which supports KYC and covers 16 countries with plans for continent-wide expansion.

4. The launch coincides with Africa's e-commerce growth but may provoke U.S. opposition, as President Trump has threatened tariffs on countries abandoning the dollar.

5. South Africa, a BRICS member, has already moved away from the dollar in response to U.S. threats.

Description

The Pan-African Payment and Settlement System has officially launched a currency marketplace aimed at reducing reliance on the U.S. dollar for intra-African trade. No Hard Currency Involved The Pan-African Payment and Settlement System (PAPSS) has launched the African Currency Marketplace, a major step toward reducing reliance on the U.S. dollar for intra-African trade settlements. This

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Tags:
Economics Africa Currency

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