SWIFIN MONEY WITHDRAWAL
First and foremost, we have a light at the end of the tunnel.
A journey of over a year, with all the high hopes it came with, has been super frustrating for ECO-6 Lumi now AKL (African Kingdom Lumi) beneficiaries who partook in the ECO-6 LUMI currency stimulus program - to make use of the digital currency (AKL). However the authorities of the both the Africa Solar Reserve Bank (ASRB) and the African Diaspora Central Bank (ADCB) have finally highlighted ways through which the LUMI digital asset can be withdrawn to any currency of the world.
Earlier this year at the switch of the official Swifin Platform to both full-scale CONNECT and TRANSACT platforms, the authorities assured beneficiaries that their accumulated stimulus packages would be readily disbursed in packets (not in full) beginning from the late first quarter of 2023 and next disbursement phase by the end of each quarter of the year, namely - 2nd Quarter Disbursement - March, 3rd Quarter Disbursement - June, and 4th Quarter Disbursement by September 2023.
But due to certain drawbacks which have arose from ongoing negotiations with financial institutions, especially banks across Africa, an internal mode of AKL currency swap was introduced pending final agreements and authorization to all the banks and financial institutions across Africa, to disburse Swifin funds to beneficiaries at when due.
One of such ways includes buying GBX (Great Britain Pounds) on the Swifin website. They said, however if you want to buy GBX (which may fluctuate base on its market value), the authorities strongly advise you follow and read through already outlined instructions on the TRANSACT website just to avoid paying unnecessary transaction fees or losing your AKL altogether on the platform due to lack of adequate information on how to carry out the currency swap process.
Some people who are into the financial markets or financial experts have largely gone against the idea of Swifin AKL beneficiaries swapping or using their AKL to buy or exchange for goods or other currencies on the TRANSACT website, reasons include:
* That if predicted correctly, being an all-new digital asset, the AKL's value in the year 2023 will reach such an awesome rate because this is a regular trend with all digital assets especially when newly introduced into the parallel market i.e AKL's circulation on the Swifin platform and the platform serving as an exchange for the African Kingdom Lumi digital asset will see it's value spike tremendously from 2023 and those who had rushed to convert or exchange theirs. Might be in a place of regret when that the comes.
* The Lumi for example is offered on the Swifin platform solely for use on the integrated marketplace to buy and sell products and services online in a way that ensures equitable access for all to the online digital marketplace.
*All transaction fees in AKL are covered in full by the Central Solar Reserve Bank (CSRB) or the African Diaspora Central Bank (ADCB) until September 2023. This is the reason why all AKL transactions are free of cost to the customer at present. This means the payee (Receiver) receives exactly the amount sent by the Payer (Sender). Currently, you may convert AKL into GBX (if permitted in your country as many African countries now have access to this feature) and then subsequently you can convert GBX into EUX, USX or back to AKL in order to pay for goods and services provided by merchants and other members of the Swifin Platform. Each time you convert, even though there are no direct conversion fees, your conversion will always be subject to a buy/sell spread which can range from 1% to 5% subject to market prices. When you convert AKL into GBX you are effectively selling your AKL into the Swifin Platform and using the proceeds to buy GBX in a single transaction. In order to minimise adverse movements in the prices of the digital assets on the Swifin Platform against AKL, the Swifin Platform can only deliver the original asset issued by CSRB/ADCB (i.e AKL) so in any case you will need to convert back to AKL if you wish to use your balance off the the Swifin Platform for any reason (including invoice payments) and subject to the liquidity provisions for such transactions by ADCB, AKL Market makers or any independent liquidity providers.
*In order to ensure an efficient and cost effective way to make payments directly from your AKL balance to settle invoices for products and services priced in any other currency in the world without converting and losing value, you can make payments in AKL and specify the amount to be paid in your currency of choice (please note that in such cases the underlying value transferred is always AKL and both parties to the transaction must be members of the platform). Please see the article on Make a payment in AKL with amount specified in any currency on the SWIFIN TRANSACT Website. All your transactions in AKL are currently free of cost until September (4th Quarter), 2023. However when you convert your balance from AKL into GBX or any other digital asset on the Swifin Platform your transactions automatically become subject to standard platform transaction fees. For the majority of peer to peer transactions this can be upto 0.099 + 1.2% unless otherwise negotiated and implemented.
*For most customers transacting exclusively in AKL, this is a considerable saving so it pays to keep your stimulus payments in AKL and to make all your payments from your AKL Account. Also because the prices of traded digital assets can go up as well as go down, you will always be subject to a fluctuation in value of any digital asset you hold compared to its value in another digital asset. For example, when you convert AKL into GBX, the value of your GBX balance may go up or go down relative to the original AKL balance.
*If you are converting for speculative reasons in the hope that the original value increases (which is possible if the gain exceeds conversion costs) you must also be aware that the value may go down. This is particularly likely for digital assets linked to weaker emerging market currencies, some of which have been shown to systematically decline in value compared to others like USD, EUR and GBP for example.
It is therefore better for customers to leave their balances in AKL instead of converting to other digital assets before the planned disbursement by the Swifin Team in the late First Quarter (March) of 2023.
*Real time conversion is however available to assist individuals and businesses in completing transactions or purchasing goods and services on the platform in a way that meets their respective needs as part of the commitment to deliver access to digital financial services to all.
However you should check this space frequently for further updates and analysis pertaining to the SWIFIN AKL disbursement to beneficiaries.