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Lumi Set To Compete With Bitcoin - Technology Market - Nairaland

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Lumi Set To Compete With Bitcoin by BusinessAmLIVE(f): 4:55pm On Nov 17, 2017
The growing profile of digital currencies such as bitcoin may be met with competition from a new innovative currency, Lumi, which is pegged against Africa’s biggest resource, the sun.

The new currency on the block is developed in a tiny village in Western Jamaica, Accompong.

Announcing the introduction of the Lumi, Timothy McPherson, Accompong’s minister Timothy McPherson, said the currency would open new pathways in Africa since it is pegged against Africa’s biggest resource, which is renewable energy.

“We recognised that given the reality for climate change, the opportunity for Africa and its future economic development, as well as the Caribbean and Latin America, resides within embracing the reality for climate change and taking a leadership role and that should be based on renewable energy,” he said.

Explaining the modalities of the innovative currency, he said the most important factor determining the price of the currency is either market forces of demand and supply or pegging it against other currencies performances. In this case, the Lumi draws on the future demand and supply for renewable energy, and in this case, solar energy.

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