HawkInsight

  • Contact Us
  • App
  • English

A payment and settlement system backed by 15 central banks is piloting African money markets

On March 15, News.bitcoin reported that the Pan-African Payment and Settlement System (PAPSS), supported by 15 central banks, is piloting a currency platform so that countries can use local currencies to settle trade. According to Reuters, the platform, known as the African Money Market, is scheduled to launch later this year. The planned launch of the African Currency Platform is expected to help boost intra-African trade. The pilot and planned launch of the African Currency Platform coincides with the push for dollarization by some African countries. They argue that trading in dollars, which are usually in short supply, hinders trade. In 2023, Kenyan President William Ruto, who has repeatedly called on African countries to de-dollarize, said that the launch of PAPSS eliminated the need for U.S. dollars when settling transactions.

Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.

NewFlashHawk Insight
More