Trestor Partners with Cameroon for New Currency Ecosystem
Moving towards its mission to create an efficient money, payment, and market system for the unbanked, Indian startup Trestor has partnered with the Cameroon government. With this partnership, Trestor aims to deliver last mile services in the southwest African country. Trests — Trestor’s digital tokens — are decentralized, private, freeze-proof, faster to transfer, and don’t need any transfer fees. The government of Cameroon selected Trests for this project after the success of Trestor’s previous partnership with Socapssi, a Cameroon organization that works to bridge the gap between the....
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The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees. Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network. The developer of Trestor, Kunal Dixit, has said: “The Trestor Network (T-Net) is not powered by miners but volunteers, because T-Net is not hostage to miners, all transactions are free and always will be.” As reported by CNN, 90% of the country’s....
Trestor is a technology non-profit company whose mission is to create the most efficient International service for money, payment, and markets. The Startup is focused on providing a global and accessible money and payment system with over 575 retail partners located across 66 countries. Trestor Network, or T-net, is a decentralized peer-to-peer network. Just like many other cryptocurrencies, anyone who wishes to contribute computation and bandwidth resources can become an active node and help run the Trestor network. Much like any other cryptocurrency, the network doesn`t need to report to....
The India-based Trestor Foundation — maintainer of the Trestor digital currency — has offered all “credit-worthy” greekss a loan for 2,000 euros’ worth of trests. Greeks can sign a promissory note at one of three partner locations in Greece, and the Trestor loan becomes repayable “when capital controls are lifted.” Holders of trests can exchange the tokens for euros at the partner locations, but some merchants have begun to accept trests directly, removing the need for users to convert to euros. “One of our investors convinced his pharmacist to accept trests because the pharmacy declined....
Cameroon Government has reportedly experimented with Bitcoin technology in a pilot project, a move that could transform its ominous payment ecosystem. According to the available details, the highly unbanked West African nation enrolled around 500 people to use an alternative digital currency "Trest" as their default payment method for about a month. The decision was taken to address the growing undercapitalization of Cameroon's local banks and their inability to address a 90% of the unbanked population. Therefore with the said experiment, the government wanted to illustrate the feasibility....
The government in Cameroon, which is reportedly keen on regulating cryptocurrencies, is set to hold a workshop that will look at the challenges and risks of using such digital currencies in the country. Proliferation of Scams According to a report by Business in Cameroon, the workshop, which is set to be held on November 15 in Yaounde, is being organized by the Ministry of Posts and Telecommunications. At this meeting, participants are expected to review mechanisms that will help the government to regulate the cryptocurrency sector. The ministry said the country’s lack of a....