Recently, various countries have started adopting crypto and blockchain solutions in multiple sectors of their economy, such as finance, banking, health care, and security. According to reports, Africa, which is backward in terms of blockchain adoption, is presently making efforts to catch up with the rest of the world.
The Democratic Republic of the Congo (DRC), Cameroon, and the Republic of the Congo (RC) are three African nations currently making moves to implement crypto and blockchain technologies in different sectors of their economy. This recent innovation will be provided by The Open Network (TON). Meanwhile, the government of Cameroon is proposing the introduction of a national CBDC that would run on the TON blockchain.
Solutions To Be Implemented In Stages
According to a statement made by The Open Network (TON), the Democratic Republic of Congo (DRC) is contemplating releasing a national CBDC that is based on blockchain technology. In addition, the Democratic Republic of the Congo, together with the Republic of Congo and Cameroon, intends to implement crypto and blockchain-centred solutions that are driven by TON.
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As stated in the company’s announcement, the news of the blockchain institution’s intention to supply these solutions comes after successful partnerships with them. The report noted that the three nations would adopt TON’s cryptocurrency and blockchain technologies in stages.
The Financial System Should Be Democratic
Léon Juste Ibombo, the RC’s Minister for Telecommunications, Posts and the Digital Economy, expressed his country’s interest in exploring the possibility of a cooperation with TON in the following statement:
“It has been several years since the Republic of the Congo took this step, having promoted and watched the growing implementation of digital payments throughout the nation. That journey has reached its conclusion, and we feel that TON is the best partner to help us get there. This partnership will prove to be a beneficial and practical tool for developing and generating income for both the state and its people.”
Désiré Cashmir Eberande Kolongele, Ibombo’s colleague from the Democratic Republic of the Congo (DRC), expressed his country’s delight in making this move in a similar vein. He said that the creation of the CBDC decentralizes “entry to our monetary system for thousands of underbanked and unbanked users in the country.”
“The cooperation with TON has the potential to play a crucial part in the digital world of Cameroon, increasing payment services and access to financial services via CAMPOST, the state postal operator,” said Minette Libom Li Likeng, the Minister of Posts and Telecommunication in Cameroon.
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