TON Revolution Begins in Africa

3 African States to Adopt The Open Network (TON) Cryptocurrency

Exciting news for The Open Network and Africa and for decentralization of payment systems and economic independence, was announced today on an insider Telegram channel, the Russian news agency TASS as well as the U.S. Associated Press.

For the early adopters and enthusiasts of the latest and greatest in blockchain technology this is good news as they “bank” on TON becoming the world’s first “mass adoption” cryptocurrency, because of its many technological advantages.

These include increasing ease of use, integration with popular Telegram messenger, the ability to build cryptocurrencies and stable coins on The Open Network, as well as the stability and immense scalability of the network.

Cameroon, Congo and the Democratic Republic of the Congo (DRC) have announced they are planning to implement the TON blockchain at the state level.

TON is already cooperating with the three countries independently of each other and has taken the lead in creating cryptocurrency and blockchain solutions for each state, it was reported, leading against other cryptocurrency contenders.

Each of these countries will make a phased transition to using cryptocurrencies as the centerpiece of their economic structure.

The future use of cryptocurrency will ensure that both banked and unbanked individuals will be better able to engage in the economy. This in turn will act as a powerful economic stimulus. In the DRC, for instance, as of 2019 12.4 million people had an account with a financial institution, whereas over 40 million have access to mobile phones or other internet enabled devices, demonstrating the significant potential for cryptocurrency.

Since TON is a decentralized platform, it will provide control and confidence in the safety of data for citizens. Also, the platform will be integrated with the Telegram messenger for the convenience of users.

The introduction of TON can be the right tool to enrich the government and the people, the Minister of Posts, Telecommunications and the Digital Economy of the Congo, Leon Juste Ibombo said.

Minister of Posts and Telecommunications of Cameroon, Minette Liebom Li Likeng, noted that the partnership with TON could play a fundamental role in Cameroon's digital ecosystem.

The news is expected to boost the price of TON vs currencies such as the USD and comes in the wake of other positive news such as a $250 million Reserve Fund to assist developers and projects which benefit the TON ecosystem.

Other African states are expected to follow suit in the near future. El Salvador in Latin America invested heavily in Bitcoin, though may be regretting it, as the well known currency is being overtaken by Toncoin.

Still others such as Thailand have banned their citizens from making payments with cryptocurrencies, fearful of losing control over the economic lives of citizens. However the reality is far from easy as it is almost impossible to monitor and prevent, similar to cash payments.

Others are seeking to regulate and introduce centralized digital currencies controlled by the governments and central banks, these include China leading the pack for CBDCs - Central Bank Digital Currencies while Australia has long sought to find ways to ban cash entirely as a means to monitor all citizens transactions.

Russia has a schism between the Central Bank and the Government battling between various ideas to benefit from or limit and regulate cryptocurrencies. The recent wave of self-defeating sanctions by the West has also forced the country to make moves toward circumventing sanctions via use of cryptocurrency.

For Africa and much of the world, coins on the TON network would give a major boost to the economy as the limitations of bureaucracy, red tape, corruption, fees, regulations and other obstacles can be circumvented by citizens who need to survive and can buy, sell and exchange their products and services more easily.

For those new to TON the TON Central Telegram channel will be a good place to start with recommended and approved links to many TON products and services.

Also covered in Forbes