HARGEISA (HAN) 29 January, 2019. Regional Financial Institution and Digital Tech for 21 century. SomaliCoin a Security currency Ready to Deploy after 7 Years in Beta Development SomaliCoin a Non-Profit Organization Aim is to Free the Somali People ADBI (Somali Businessman) tells the story about how expensive it is for his family to send remittances each week to India. For each wire transfer his bank takes nearly 20% of what ABDI sends as overhead.
This is particularly significant in the case of a small $10 transfer, and the $2 in free makes a big difference here. In addition, the time investment on both sides of the world can involve lengthy lines, troubles with cash-register-like terminals that rarely work, and lots of frustration. Although ABDI has offered to help these transfers by crypto, it’s just too big of a lift to “forklift” the whole family into a system and use it. ABDI faces the same challenges and are similar but at a different scale. He works with businesspeople, bankers and investors who think every day about global risk and move money and assets to hedge against that risk, or to seek tax advantages.
However, when my clients need to move money they confront the same juggernaut that ABDI’s family faces: nonsensical transaction processing patterns via a Byzantine system like SWIFT, high fees, intrusive KYC. At a meeting with several business people in Somalia we lamented this state and declared to change it, and in that spirit the name Somalicoin first took root. There are a few things you should know. SomaliCoin lets you exchange money and transact in a different way than you normally do. As such, you should take time to inform yourself before using Crypto for any serious transaction. SomaliCoin should be treated with the same care as your regular ZAAD/EVC wallet, or even more in some cases! An open source, smart contract-based stablecoin True financial interoperability requires a price stable means of value exchange. SomaliCoin’s technology for fiat-backed stablecoins brings stability to crypto.
The initial implementation is USD Coin (USSOM), token creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency tokens are added. SomaliCoin has Been in Beta version since November 12, 2012 as a community coin project in order to address this challenge. We have a small but strong community. Now we need Somali people to share our vision. The Founder is “openly anonymous” and has no issues revealing the true identity but due to security reasons he can’t at this time.
The founder is a retried Hedge fund Manger and Self made Billionaire. He has lived all over Somalia and wants to give back to the Somali people. SomaliCoin is just the Start. The Founder is Building Somali Stock Exchange and Regional Bank which will launch 2019 or 2020. In our position paper we explain why we believe that anonymity of team members may be just as important as the anonymity built in to the technology.
This is only temporary and when everything is complete and in due time the team members will reveal their identity Q4 of 2019. I want to thank the community for support in launching the coin and, together with me, to articulate the vision for the project. It was my hope to “collabowrite” a mission like this with the community members that will help deliver it. We hope that you will enjoy our vision. Please come by and help us make it real. — SomaliCoin Somali Coin Team