Cameroon Experiments with Bitcoin Tech in Its New Payment Ecosystem
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....
Related News
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....
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....
In its relative short history, bitcoin - and its underlying technology the blockchain - have captivated thinkers around the world, but not everyone was quick to see the potential. Due in part to its initial billing as a threat to the traditional financial ecosystem, these institutions have perhaps understandably responded with sharp critiques and deep skepticism for the technology. While major institutions found that bitcoin was perhaps problematic as a currency, they seem to increasingly believe that the blockchain, the protocol that manages and facilitates the exchange of bitcoin, offers....
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....
Three African countries — namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.
Phased Adoption of the Solutions
The Democratic Republic of Congo (DRC) is reportedly considering issuing a national stablecoin that is built on blockchain, a statement released by The Open Network (TON) has said. In addition, the DRC,....