- A small town in South Africa, which consists only of white people, is reportedly using a stablecoin as one of its main currencies.
- The stablecoins is pegged to the South African Rand.
Orania, also referred to as an Afrikaner town, found in South Africa has recently considered the likes of cryptocurrencies reports CCN.
Said town is home to about 9,000 residents all of whom are White settlers with supposed, goals of wanting a better place for their children, establishing a healthy environment to raise their children and most importantly, sustaining a 30 year culture.
All White South African Town Uses Stablecoins Pegged to National Fiat Currency
One might stop to wonder how there exists a town within Africa that only seems to house White people. It turns out that the town was created in 1991 during the final years of apartheid (a form of system based on segregation).
All this being said, the present currency used by Afrikaners is called the Ora, which is a stablecoin pegged against the South African rand. Their currency is provided by the Orania Spaar en Krediet Kooperatiewe Bank (OSK). What started as an offering of financial services by a former government employee, namely cashing checks out for 5 Rand has today led to the OSK reports the news outlet.
Orania and Cryptocurrencies
Based on the claims made, Orania will be running servers along with issuing notes to tourists and residents seeking to visit the town. The cryptocurrency dubbed, e-Ora will be provided to anyone who spends Rand or Ora to buy the digital asset at a 1 to 1 ratio.
What makes this token interesting, besides their goal of preserving Afrikaner culture, is that it can only be used within the town. That is, the e-Ora will have no meaning outside of the town. This is smart, as it implies that theft could potentially be reduced – a common problem presently found everywhere around the world.
In addition to preventing theft, the main goal behind resorting to cryptocurrencies is to ensure that the people of Orania have access to a convenient form of currency that can facilitate transactions.
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