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More nations are looking to tap into the opportunities associated with cryptocurrencies to boost their economies.
Three African countries, including Cameroon, the Democratic Republic of Congo (DRC), and the Republic of the Congo, have declared their intention to adopt cryptocurrency and blockchain-based solutions, to foster the growth of their economies.
Per a press release shared today, the three African nations are eyeing the Layer-1 proof-of-stake blockchain, The Open Network (TON), as the leading technology to enable their vision to become a reality.
Previous Relationships with TON
Prior to the announcement, the trio had tapped TON independently for a number of initiatives in a bid to deliver useful cryptocurrency and blockchain solutions.
So far, the engagements have yielded positive results and the African countries are committed to enhancing their relationships with the network, as part of efforts to boost their economies in the near future.
Reactions to the Upcoming Partnerships
“This marks the beginning of our journey to adopting cryptocurrency as a financial instrument within the DRC, and with the support of TON as a partner we aim to increase our nation’s exposure to modern financial tools,” Désiré Cashmir Eberande Kolongele, the DRC Minister for Digital Economy, said.
Aside from providing basic financial services for the unbanked and underbanked populace of the DRC populace, the country is also considering partnering with a TON to develop a national stablecoin to facilitate payments.
Both Cameroon and Congolese ministries of telecommunications also commented on the importance of the partnership to their economies, as they stressed that the collaboration will foster financial inclusion for their citizens.
“There is unbounded potential for these three countries to benefit from the adoption of cryptocurrency with our blockchain as the foundation. It’s fantastic that TON’s value is recognized in terms of its technology and utility,” Steven Yun, Founding Member of TON Foundation, said.
The Unending Benefits of Cryptos Toward World Economies Growth
The importance of cryptocurrency and blockchain payment solutions toward the growth of world economies cannot be overemphasized.
Cryptocurrencies are tipped to provide financial solutions to underdeveloped and developing countries, which have a majority of their citizens denied access to basic financial services.
For instance, in 2019, only about 12.4 million people in the Democratic Republic of Congo have access to basic financial services, whereas over 40 million adults have smartphones and access to the internet in the country.
These shortcomings highlight the need for cryptocurrency adoption in the country, as the majority of people who have access to the internet can also conduct financial services using digital currencies.
El Salvador Leads Countries’ Crypto Adoption
Last year, El Salvador announced its adoption of Bitcoin as a legal tender.
Even though El Salvador’s Bitcoin move has been heavily criticized, the country has stood behind its decision and has embarked on numerous Bitcoin accumulation sprees.