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The Open Network (TON) project involves the launch of stablecoins in three African countries – the Republic of the Congo (RK), Cameroon and the Democratic Republic of the Congo (DRC). Stablecoins differ from decentralized cryptocurrencies in that they have a real financial backing.
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Africa’s new digital currency
The introduction of a digital currency should help the three African countries achieve a higher degree of economic integration. The TON project will give them the opportunity to create a single regional segment that will go beyond the boundaries of the policies of the central banks of these three countries, which will increase its flexibility and independence, local analysts emphasize. TON stablecoins are expected to be able to give momentum to the development of the regional financial market, as well as to help attract foreign investment.
The full implementation of the TON project will take a significant amount of time, as there is a lot of work to be done with a high degree of innovation, the Cameroon government service explained to TASS. A number of responsible decisions will have to be made both at the national and regional levels, as the new digital unit of account should contribute to the creation of a new unified segment of the financial markets of all three African countries
What is the TON Blockchain?
Today TONcoin is an open independent new generation blockchain ecosystem capable of uniting all cryptocurrency chains and the Internet into a new global network. “As a result of the connection of the TON browser, TON Storage and TON DNS, an analog of the modern Internet infrastructure with an internal payment system should be obtained. It was these innovations that led to panic among Wall Street financiers and forced the US Securities Commission (SEC) to introduce the most stringent sanctions against the developers of this cryptocurrency system
World experience in the implementation of cryptocurrencies
To better understand what kind of currency Africans intend to introduce, you need to understand how the concept of “cryptocurrency” (digital currency) differs from the concept of “central bank digital currency” (CBDC, Central Bank Digital Currency). The difference is fundamental. The second has nothing to do with decentralized cryptocurrencies, as it is completely centralized and is under the control of financial regulators and governments of the respective countries.
The first cryptocurrency that was given the official status of a national means of payment is bitcoin, which, along with the US dollar, was legalized by the Parliament of El Salvador on June 9, 2021, and from September all organizations in this country are already required to accept it. They can pay for goods, services and taxes. For this, citizens have opened special crypto wallets – Chivo. As he noted, the plans of the President of El Salvador, including, in particular, the construction of a new city for miners, Bitcoin City, are very ambitious, but time will tell how feasible they are.
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