A controversial white Afrikaner community in the North West Province of South Africa is taking its separation from the rest of the country to another level. Concerned with the effects of growing tensions between the majority black and minority whites, the community has unveiled what it calls a digital version of a self-declared Ora Currency E Ora.
Ora Digital Currency
Pegged to the South African Rand the new digital currency should become the official means of transactions in the town. The coin first came into being in 2004 as the local community sought to promote local spending to boost the local economy.
Impressed by the way, cryptocurrencies have taken the world, the community believes now is the time to unveil a digital version of the Ora Coin.?Ora functions like a voucher in the town with a population of about 1,600 people. People who use the coin for things like shopping benefit from things like discounts. Introduction of a digital version should allow the people to enjoy low transaction costs.
Rand vs. Ora
According to the all-white community, the Ora Currency is a symbol of cultural preservation at a time when they feel under siege in the new era where tensions have hit peak levels. The president of the Orania movement, Carel Boshoff says a digital version will provide the Orania people a way of escaping from South Africa?s Rand should it come under pressure or hyperinflation.
“If the rand became so weak that one were to decide to walk away from it, one could perhaps couple (the E-Ora) to something else, such as a basket of currencies out there. Or something inside Orania. Something comparable that has value,” said the chairman of the Orania Chamber of Commerce, Daniel Dames.
Officials are inclined at tying the Ora digital currency to a more hard currency rather than fully-fledged cryptocurrencies which they fear are being fuelled by speculation. The next step in the evolution of the Orania Coin is to do away with the fiat currency and install the new digital currency as the official means of making payments.