Efforts underway to digitize trade in Africa with blockchain, stablecoins
Chido Munyati, head of Africa at the World Economic Forum, said in a statement that outdated payments and documents are a significant obstacle for African trade, one that he hopes digitization can solve.
A collective that includes the African Continental Free Trade Area (AfCFTA) Secretariat, Iota Foundation, the Tony Blair Institute and the World Economic Forum has joined forces to develop a digital platform in Africa to digitize trade across the continent.
Announced on Monday, the Africa Digital Access and Public Infrastructure for Trade (ADAPT) is an open-source digital public network that will enable cross-border payments through stablecoins and store digital trade documents and interoperable digital identities, according to the Iota Foundation.
Dominik Schiener, co-founder and chairman of the Iota Foundation, said in an X post that ADAPT aims to be rolled out across all 55 African nations by 2035 and streamline trade-related operations.