Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo (Congo-Brazzaville) have all stated their aim to use cryptocurrencies and blockchain-based solutions to advance their economies.
As Africa is usually regarded as having one of the highest percentages of cryptocurrency adoption in the world. If new innovations in Central Africa make it through the development stage and into a successful launch, this tendency could persist.
The three countries currently issued separate press releases outlining their early impressions of cryptocurrencies and how they intend to incorporate them into their economy.
The countries stated that they are in talks with The Open Network (TON) to assist them to launch their first crypto projects.
According to a person close to the situation, the aim is to develop localized stablecoins on the TON blockchain for each of the Central African countries. This is not a central bank digital currency (CBDC) project, according to the source.
CBDCs, which are generally used for interbank payments, and consumer mass market stablecoins, such as USDC and USDT, which are dollar-pegged, are two types of stable digital assets.
However, there is another hybrid strategy, in which regionally applicable and pertinent stablecoins exist; this is the approach that DRC is adopting, according to the source.
Importantly, these countries do not have a central bank-led cryptocurrency adoption policy. Cameroon’s Ministry of Posts and Telecommunications is driving the initiative.
The Ministry of Digital Economy is responsible in the Democratic Republic of Congo, while the Ministry of Posts, Telecommunications, and Digital Economy is responsible in the Republic of Congo.
According to the source, they are not intending to displace a national currency and are not planning to create a CBDC, which is clearly controlled by a central bank. In this regard, a stablecoin can be seen as akin to Venmo or MPESA.
The adoption of a blockchain network that is both economical for transactions and fairly available is a top goal for Cameroon, the Democratic Republic of the Congo, and the Republic of Congo, according to the source. Owing to its concentration on Telegram integration and the distribution advantages it delivers, TON has an edge here.
According to early signs, government-led crypto adoption in the countries would include connection with the Telegram messenger, allowing crypto-based peer-to-peer payments to be made through bots in the messaging program.
This is related to how WhatsApp enables Indian and Brazilian residents to send money over the messaging service. However, WhatsApp’s P2P payments service presently only accepts fiat currency.
According to a news statement from TON, Cameroon’s Minister of Posts and Telecommunications, Minette Libom Li Likeng, remarked that this is a watershed moment in the country’s economic destiny as it looks to a more digitally-enabled future economy.
They are boldly pioneering in offering access to new financial instruments to all by cooperating with TON to establish a viable digital financial paradigm for the country.
Cameroon, the Democratic Republic of the Congo, and the Republic of Congo have joined a select group of countries developing crypto solutions on a decentralized blockchain as a result of their collaboration with TON.
However, it is unknown whether the upcoming stablecoin products will be compatible with existing public cryptocurrencies.
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