Barely less than a month to the scheduled Lumi currency integration, the Swiffin digital platform has issued yet another guidelines insisting that conversion to fiat currencies may not be permitted on the platform but if need be only countries with digital currencies may be able convert Lumi.
Read the official message
“The African Kingdoms Lumi (AKL) is one of the first and most widely distributed Central Bank Digital Currency (CBDC) in the world.
AKL is issued by the African Diaspora Central Bank.
The value of AKL is pegged to the price of 4 grains of gold and will therefore fluctuate in value when compared to other currencies, tokens or digital assets in a way that is similar or correlated to the price of gold. AKL is offered and distributed in digital form only and recipients of the stimulus or holders of AKL do not have any claim in any other form other than the Lumi as available on the Swifin Platform.
Even in any circumstance where conversion of AKL into any other equivalent value denominated in any other digital asset is permitted on the Swifin Platform, such conversion will only be for the sole purpose of enable easy transfer from one member of the community to another to facilitate trade between community members and not for redemption nor ultimate settlement in any other form other than AKL.
By facilitating real time exchange of value between community members and as an instrument for trade, AKL provides equitable access for all individuals, businesses and Governments to participate in the new digital economy and enables real time exchange of value between community members. In the event where AKL is used to drive trade, settlement and delivery of the products and services paid for by participating members is the sole responsibility of the parties to the trade. The Swifin Platform is never a party to such a transaction and simply provides an open accessible ecosystem for willing and able members to participate on independently agreed terms.”
ECO-6 officials fixed the 1st day of October as it’s deadline for the implementation of it’s Exchange Rate Mechanism (ERM) in order to adopt the usage of the digital currency widely in Africa.
