Cameroon experiments with Bitcoin technology for new payment ecosystem

Monday 22 June 2015 10:00 CET | News

The Cameroon government has started to experiment with Bitcoin technology in a pilot project, in order to transform its payment ecosystem.

The highly unbanked West African nation has allegedly enrolled around 500 people to use an alternative digital currency ‘Trest’ as their default payment method for almost 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.

The government wanted to illustrate the feasibility of a peer-to-peer, decentralized alternative in order to assign entitlements and benefits directly. Trest is a Bitcoin like cryptocurrency, created by an Indian IT company Trestor.

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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, Cameroon, payment ecosystem
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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