TechFlow news — On March 15, according to Bitcoin.com News citing Reuters, the Pan-African Payment and Settlement System (PAPSS), backed by 15 central banks, is piloting its "African Currency Marketplace" platform aimed at enabling cross-border trade settlements using local currencies. The platform is scheduled to officially launch later this year, with exchange rates determined by market forces.
Mike Ogbalu, CEO of PAPSS, said the system can intelligently match different currencies for direct exchange without the need for a third-party currency. This move comes as several African countries advance efforts to de-dollarize, arguing that reliance on the U.S. dollar hampers trade due to supply constraints.
Kenyan President William Ruto stated that the launch of PAPSS eliminates dependence on the dollar for transaction settlements. While the initiative enjoys broad political support, some observers have questioned its viability as a dollar alternative, and others have expressed concerns that it might provoke backlash from the United States.
