Money is really anything that people use to pay for goods and services and to pay people for their work. There are, of course, major challenges in exchanging one commodity for another, such as a cow for a chicken, when they are of different values. To solve the problems of using commodities as a way to pay for goods, governments introduced fiat money (paper and coin money). Unfortunately, in order to manage the movement of fiat money banks were introduced and the costs and rules of monitoring the movement of fiat money has resulted in more than 1.7 billion people being excluded from the banking system and from accessing loans, savings and insurance.
By creating a digital commodity in the form of digital money voucher and linking the value of the vouchers to the value of known and trusted fiat money values, we have created a new way to hold value, transact and access products and services without having to own a bank account. Sellers accepting 6DOT50 Money as payment can convert their value back to fiat money at any time.
6.50 was the ZAR-USD rate in 2011 and highlights the ongoing deterioration of emerging market currencies against the US Dollar. Our 6DOT50 Digital Dollars (launching soon) are the easiest way for customers living in emerging market to protect their wealth by accessing and holding US Dollar value without the need for a bank account.
Founder of M4JAM, South Africa’s fastest growing and largest micro-jobbing platform, with 10 years' experience in tech start-ups.
Founder of Alfinanz and COO of Old Mutual’s Mass Foundation cluster with a 30 year career in financial services.