I’m a problem solver: Buyanga
BUSINESSMAN Frank Buyanga has written to all African presidents informing them about the African Medallion Dollar (AMD), a physical coin, which takes the form of a hybrid crypto currency, such as bitcoin, that can be used as a store of wealth with the aim of opening up continental trade.
“I don’t believe there’s any currency in Africa that has more value than the medallion. I have started writing to all African presidents telling them about the medallion,” Mr Buyanga said in a statement.
“My calling is to make this world a better place. I exist to solve problems; I don’t exist to make money,” he said.
Following the growing shift towards digital currencies and gold medallions as stable alternative stores of value, compared to fiat money, the Africa Medallion Group — which is headed by Mr Buyanga — on May 25 this year launched a $5 African Medallion Dollar (AMD).
Only 100 of the $5 AMD were put in circulation, and holders got certificates that serve as confirmation and guarantee that they possess the genuine exchange and store of value articles.
By June 2017 the bid price for the $5 African Medallion Dollar had jumped by more than 2 000 percent in two weeks and had since broken past the $100 dollar psychological barrier.
As global financial markets become increasingly volatile, investors have been shifting their portfolios and investments towards more stable securities and havens. And most investors have unsurprisingly hedged in gold.
The AMDs are specially crafted with bronze and engineered as a symbol to commemorate the 54th anniversary of the African Union (former Organisation of African Unity), founded on May 25, 1963.
Though the guaranteed buy-back amount was fixed at US$5 for each $5 AMD, the future value will be determined by value of trades.
“I see these medallions as the future global currency; you might have seen how well Bitcoin has been doing for the past few years. The only challenge with Bitcoin, which is a crypto currency is that it’s traded online,” said Mr Buyanga then.