LUMI - The New Digital and Physical Currency

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Frequently asked questions

  1. What is this LUMI Currency?

    • The LUMI is the official currency for the Economic Community of the African Diaspora 6th Region. It is issued by the Africa Diaspora Central Bank (ADCB) and its member state financial institutions. In January of 2021, it was integrated by the African Finance Regulatory Authority (AFRA) Commission as legal tender for continental Africa.  

  2. Why is the currency called "LUMI"?

    • The name LUMI is from the word LUMINOUS symbolising the Sun (Ra). The currency is backed by solar energy and gold. Solar energy is the best source of energy for Africa’s economic development and environmental protection mandate. 

  3. Is this a physical currency?

    • Yes, this is a physical currency as well as a central bank digital currency (CBDC).

  4. What is a digital currency?

    • A digital currency is an electronic representation of money which is transacted through the internet and other electronic mechanisms. 

  5. How do I transact this digital currency?

    • You will be required to sign up for a digital wallet to receive and send your digital currency.

  6. What is the LUMI stimulus?

    • ECO-6 is issuing a LUMI economic stimulus valued at US$100 (the equivalent of 6.26 LUMI) per person per month paid direct to their wallet for a period of 3 years (US$1200 per year).

  7. Who will receive this stimulus?

    • This is a stimulus to encourage socio-economic growth. All Africans in the Diaspora and all Africans on the Continent over the age of 18 years old will receive the currency. It is a Pan-African stimulus across all African Kingdoms and nations and territories and the Diaspora to support economic development.

  8. Is this a crypto-currency and what is backing this currency?

    • This is not a cryptocurrency. The LUMI is underwritten by 100KWh of solar energy and convertible to 4 grains of gold.  4 grains of gold in weight equals 0.2592 grams.  The current value for 1 LUMI is US$15.96.

  9. How long will this stimulus be paid?

    • The first issuance of funds will be : October 28, 2020. The last issuance of funds will be October 28, 2023.

  10. Where can I use this currency?

    • We will be promoting throughout the African Diaspora and African businesses and merchandisers globally to accept the LUMI in exchange for goods and services and therefore creating our own worldwide economy and economic sovereignty

 

Should you require further information, please email info@eco-6.com

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