Lumi (currency)
 First issue in 2018, back facing | |
| ISO 4217 | |
|---|---|
| Code | None (AKL is proposed) |
| Unit | |
| Symbol | AKL |
| Demographics | |
| Date of introduction | 2014 |
| User(s) | ECO-6 |
| Issuance | |
| Central bank | African Diaspora Central Bank |
| Website | www.eco-6.com |
| Valuation | |
| Pegged with | Gold (4 grains or 0.2592 grams = 1 LUMI) |
The African Kingdoms LUMI is a new currency with limited recognition. It was established as legal tender within the 2014 Bank Act of Accompong, a sovereign indigenous village in Jamaica, and issued to the public by the Central Solar Reserve Bank of Accompong as the currency of the Sovereign Maroon State of Accompong with its physical bank notes printed in Canada.[1][2] The LUMI was created by the then Minister of Finance and Founding Governor of the Bank of Accompong, H.H. Chief Timothy McPherson, who is a global financial engineer that hails from the sovereign Maroon territory of Queen Nanny of the Maroons on the Island of Jamaica.[3]
Although the first AKL Lumi were printed in 2016[4][5] for use within Accompong, since 2020 the LUMI has been adopted as the official currency by governmental bodies, including: the Economic Community of the States, Nations, Territories and Realms of the African Diaspora 6th Region (ECO-6), the State of the African Diaspora, the African Kingdoms Federation, the United Kingdoms of Africa, and the African Diaspora Central Bank.[6][2] However the Bank of Jamaica warned against the currency, stating "Any purported issuance of currency of the island of Jamaica by a person or an entity other than the Bank of Jamaica is unauthorised and in breach of the Bank of Jamaica Act”[7] Furthermore, the African Kingdoms Federation also distanced itself from the LUMI, preferring to create its own currency in 2021 called the Lumi'Ra.[8]
Underwritten by solar energy through power purchase agreements, the currency is worth 100Kwh of solar energy, with a fixed valuation at 4 grains of gold (0.2592 grams) for 1 AKL.[9][10] The lumi is no longer used as the Accompong currency. Instead, it is now issued by the African Diaspora Central Bank. The Central Solar Reserve Bank was destituted by Colonel Richard Currie when he replaced Colonel Ferron Williams as the new elected Head of State for Accompong.[11]
See also
- Central banks and currencies of the Caribbean
- Commonwealth banknote-issuing institutions
- African Monetary Union
- African Central Bank
- Economic integration of West African States
- Economic Community of Central African States
- Central African CFA franc (CAF)
- East African shilling
- Council of Arab Economic Unity (CAEU)
- Arab Maghreb Union
- List of Commonwealth of Nations countries by GDP
Notes
There currently is only 1 banknote, which represents 1 lumi. In 2021, the African Diaspora Central Bank (ADCB) reported a total of US$1.1 trillion in transactions between Africa and the global Diaspora using LUMI; this is equal to more than a third of the total GDP for continental Africa at US$2.7 trillion in 2021.[12][13]
References
- ^ "MAROON DEFIANCE: BOJ says Lumi not legal, but Accompong finance minister insists central bank can't dictate to them". Jamaica Observer.
- ^ a b "The birth of The Lumi – an introduction". Modern Ghana.
- ^ "Maroons: Queen must pay". Jamaica Observer.
- ^ "Bank of Accompong". accompong.
- ^ "Timothy E. McPherson on the new currency -the Lumi- and elimination of Debt in Africa - YouTube". www.youtube.com.
- ^ "Lumi Currency". eco-6.
- ^ "BOJ warns against the LUMI again". jamaica-gleaner.com. 2021-04-11. Retrieved 2023-02-19.
- ^ "The CSCB - QSIA".
- ^ "FAQs". eco-6.
- ^ "The LUMI – NewPan African Currency US $6 000 000 000 000(US$6 trillion) Global stimulus For The African Diaspora, Africa And Kingdoms of Africa".
- ^ "Colonel Richard Currie Elected Leader For "The Accompong Maroons."". Vision Newspaper. 2021-03-11. Retrieved 2021-05-30.
- ^ "Embili Kanye Kanye". YouTube. Retrieved 2022-02-09.
- ^ "Six Trillion USD in New Digital 'LUMI' to be dispersed for African development says ECO-6 and SOAD". October 1, 2020.