Stablecoins Are Being Launched by TON Foundation in 3 African Countries

Cameroon and the Democratic Republic of Congo, (DRC) and the Republic of Congo(Congo-Brazzaville), have each stated that they intend to use cryptocurrencies as well as blockchain-based solutions in order to grow their economies.

Africa is often considered to have one of the highest rates of cryptocurrency adoption. This trend could continue if new innovations from Central Africa are successfully launched.

The press releases from the three countries outlined their initial impressions of cryptocurrency and their plans to incorporate it into their economies.

The Open Network (also known as The Open Network) was mentioned by the countries. TON to assist them to launch their first crypto projects.

A source close to the situation said that the goal is to create localized stablecoins using the TON blockchain to support each country in Central Africa. The source says that this is not a CBDC (central bank digital currency).

Two types of stable digital assets are CBDCs and USDT. These are used for interbank transactions and consumer mass market stablecoins.

But, there’s another strategy. It involves stablecoins that can be used in specific regions. According to the source, this is what DRC is currently using.

Importantly, these countries don’t have any central bank-led cryptocurrency adoption policies. Cameroon’s Ministry of Posts and Telecommunications is driving the initiative.

In the Democratic Republic of Congo, it is the Ministry of Digital Economy, while in the Republic of Congo, it is the Ministry of Posts, Telecommunications and Digital Economy.

The source says they don’t intend to replace a national currency or create a CBDC. This is clearly controlled and managed by a central banking institution. A stablecoin is, in this respect, similar to Venmo and MPESA.

According to the source, Cameroon, the Democratic Republic of the Congo and the Republic of Congo have set their top goals for a blockchain network that can be used for both transactions and storage. TON’s focus on Telegram integration and distribution benefits gives it an advantage.

Early indications suggest that governments will be promoting crypto adoption in these countries. They will connect with Telegram messenger to allow peer-to-peer crypto payments through bots in the messaging system.

This is due to the fact that WhatsApp allows Indian and Brazilian residents to send money through its 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 pioneering the provision of financial tools to all citizens by partnering with a TON to create a digital financial system for the country.

As a result of their collaboration, Cameroon and the Democratic Republic of the Congo joined a select group of countries that are developing crypto solutions on a distributed blockchain.

However, it isn’t known whether the upcoming stablecoin products can be used with existing public cryptos.

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