Explaining the National Currency System
by Marvin Dumont
Apollo Fintech is developing the National Currency System, an exciting new product that enables frictionless payments on blockchain technology. See above graphic.
Per last month’s AMA, here’s more info from Steve McCullah:
… in Africa just about every single person has a phone, for those that don’t we will work with the government to issue NFC cards and assist with the distribution of $6 cell phones.
Smartphones are quite common in Africa as smartphone technology has gotten quite affordable. A phone to the majority of Africans is a status symbol, and something they invest money into. There are a few options we have planned, offering very affordable smart phones, NFC cards and a few more devices we will refer to later.
A good example is 50% of Zimbabweans have smartphones, but almost none of them have a bank account.
On how the platform will produce an income stream:
… we are not just selling software but administration, hosting, etc. If chosen, with this model we make a transaction fee and this pays for the administration and expenses.
On how governments can set up a tax system:
The government can issue a retailer a wallet to use for his store. It’s purpose is to accept payments from clients. With this wallet, the government would automatically deduct VAT for each transaction. This is a major selling point.
… in most cases, with the National Currency System, only the government would be able to view the entire blockchain.
On the development stage of new products:
Nearly all commercial and government products are built from a base product that is completed. But from there, they are customized to the specifications of that client.
Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.
