The Open Network (TON), a decentralized blockchain solution developed by Telegram is in talks with three African countries to launch crypto solutions in their respective countries. The three countries; the Democratic Republic of Congo (DRC), Cameroon, and the Republic of Congo are in independent discussions with TON to develop and adopt blockchain and crypto to strengthen economic development. Africa has been at the forefront of adopting cryptocurrency globally, with the continent receiving more than $105 billion in crypto in one year. This recent undertaking by TON will see to it that crypto adoption continues in Africa.
The three countries are looking to integrate cryptocurrency and blockchain into their economic system to drive economic growth and ensure a sustainable economy in the future. According to Forbes, the central African countries are set out to establish stable coins that are not centralized, making them different from CBDCs (Central Bank Digital Currencies). This endeavor will ensure an inclusive economy where the majority of the unbanked population can access financial services.
Crypto adoption will be a phased transition that if fully realized will help stimulate the countries’ economies. Cameroon’s initiative is being led by its Ministry of Posts and Telecommunication, which in a statement said the partnership with TON will improve payment solutions and financial inclusion in the country. In the DRC, about 12.4 million people have an account with financial institutions while around 40 million people have access to mobile phones and access to the internet. This shows that the country has a huge potential for crypto adoption and use. DRCs Ministry of Digital Economy is leading the initiative and sees the partnership as a significant opportunity to improve access to financial systems.
The Republic of Congo (Congo Brazzaville) through its minister of Posts and Telecommunication echoed the sentiments of its neighboring countries pointing out that crypto adoption will help in the creation of wealth and economic growth.TON was designed as a fully-scalable platform for decentralized apps and could be scaled to process payment transactions. TON’s blockchain is described as user-friendly and affordable. The vast penetration and use of mobile money such as Mpesa, Venmo, etc, in Africa, makes the continent highly adaptive to new and emerging technologies geared toward economic empowerment and development. African governments are continually shifting to blockchain and crypto solutions to streamline their processes, enhance financial inclusion and also grow economically.
The young tech-savvy population in Africa has been at the front line of adopting technology especially digital payments to fill the gaps left by brick & mortar financial institutions. These traditional institutions lack the infrastructure and reach to cater to the huge population who remain underserved.
In conclusion, the limited and lack of financial inclusion of the majority coupled with the high rate of inflation of local economies has been a great advocate for why Africa should adopt cryptocurrencies. These new developments show that Africa is ready and with reliable partnerships, the continent can change its economies for the better while improving the livelihoods of its population.