April 18, 2024

The adoption of crypto and blockchain technology has been unprecedented, with many countries having adopted or planning to adopt digital assets in their respective countries.

Three African countries have currently disclosed their plans to adopt digital currency alongside Blockchain technology to facilitate the process of transactions in their regions.

Cameroun, the Republic of Congo, and the Democratic Republic of Congo (DRC) are the countries that have indicated their readiness to venture into the virtual finance space.

The said crypto and blockchain solutions will be powered by The Open Network (TON).

In a separate move, Cameroun has set its sights on developing a national stablecoin that will also be hosted on the blockchain network.

Adoption is in Phases

According to the TON, the DRC plans to float a national stablecoin to be hosted on a blockchain. In addition to this, the DRC and the duo of Cameroon and the Republic of Congo are considering adopting digital currency and blockchain solutions supervised by the TON.

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The TON statement also revealed that the blockchain firm’s decision to proceed with the new project is borne out of previous engagement with the three countries. More importantly, the adoption of blockchain solutions by the countries involved will be in phases.

Unbundling Financial Services

In his remarks on the potential partnership with TON, the Minister of Digital Economy in the Republic of Congo, Leon Juste Ibombo, disclosed that the Republic of Congo has been working on expanding access to digital financial services to its citizens.

Partnering with TON is the next step to facilitating an even more comprehensive coverage of digital financial services. It would be a practical tool for wealth creation for the people and revenue generation for the government.

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The same sentiment was echoed by the representative from the DRC, who sees the latest partnership as the best way to provide access to financial services to the majority of the unbanked and underbanked population.

On the other hand, the representative from Cameroon believes the partnership with TON will likely play a crucial role in the country’s digital ecosystem by boosting payment solutions for the country and promoting financial inclusion via the country’s public postal agency, CAMPOST.

Despite the use of cryptocurrency in many countries worldwide, especially in Africa, authorities have yet to decide how to oversee and regulate digital finance activities. This has been one of the reasons why crypto and blockchain technology have not entered the mainstream.

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Although the use of cryptocurrency is widespread, it has not gotten the official recognition needed to advance it.

Moreover, most of the segment of the population in Africa is unbanked or underbanked, which makes the prospects of digital financial assets promising.

Currently, some governments realize that the crypto industry has vast potential to have a positive economic impact and, as such, strive to create a conducive environment and enter into partnerships with established industry players.

The crypto market has immense potential, and Africa has a role in realizing the benefits.

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