Somalia now has its own meme coin named the $SOMAL.

$SOMAL is a milestone in the emerging crypto ecosystem of Somalia. Operating on the Solana blockchain, $SOMAL is transparent by design, fully decentralized and immutable, and supported by the Leader of Accountability and Transparency Caucus of the House of People of Somalia, Dr. Abdillahi Hashi Abib.

The Somalia economy which is recovering from years of economic disruption has been slowed due to lack of a robust national currency. Many transactions utilize the US dollar, and the presence of a cash economy further hinders development. In recent years, USDT has been an alternative used by digitally oriented Somalis, so cryptocurrency already is in use there. The introduction of the $SOMAL is designed to fill a gap and boost the nascent Somali digital economy.

Blockchain offers Somalia accountability and transparency. The $SOMAL is designed as a catalyst and hopes to see local adoption. $SOMAL will also help fuel Dr. Abib’s anticorruption agenda including the rehabilitation of the national currency, the Schilling, and his efforts to clean up the government financial sector. According to Dr. Abib, “The $SOMAL is a way forward to help the people of Somalia and its economy. To get ahead, Somalia must forego the old ways of conducting business and embrace new technologies.” Dr. Abib also notes that $SOMAL is Halal forward as there are no links to gambling, excessive speculation, or other forbidden activities while the coin will have a positive utility for Somalia business.

Dr. Abdillahi Hashi Abib

Leader of Accountability and Transparency Caucus of the House of People of Somalia