Blockchain, a relatively new technology, is already revolutionising many aspects of our lives such as healthcare and the economy. But there is always a heightened level of excitement when new ground is broken.
As with any new technology, cryptocurrency comes with its own jargon. For the uninitiated, this can be confusing, even intimidating, at first glance.
What are cryptos?
Cryptos are just like any other currency. You can buy goods and services with them or trade with them. Where they differ from traditional paper currencies we have in our wallets is that there are no physical coins or notes.
Gambia will becomes created its own form of digital currency meant to help speed transactions.
Tong Shang International Commercial Bank (Gambia) said its “Eagle Coin” will become circulating cryptocurrency. Eagle coin was created by Trans Reach International Group.
The Eagle wallet use in the Gambia must be have bank accounts with Tong Shang International Commercial Bank (Gambia) – with a smartphone – to use a downloaded Eagle Wallet app and make payments via a QR code. Those without bank accounts would go to bank website open account who would verify a person’s information and then approve Eagle wallet.
That person would then go to Gambia a supermarket or other store and give the cashier physical cash which would then be deposited as Eagle coin in their wallet.
Crypto in West Africa
How Cryptocurrency could efficiently work on the continent and magically solve all these problems. Maybe with a few good decisions here and there, Africa could actually lead the Cryptocurrency (not Bitcoin) revolution in the world. Despite its problems with Internet, Electricity and the dominance of Cash and Feature phones, West Africa was in a perfect spot to pull this off.
Cryptocurrency may sound bizarre given the state of issues such as Cash & Feature Phone dominance and Internet & Electricity accessibility. West African Gambia are coming adopting Mobile cryptocurrency payment solution and are increasingly moving closer to a cashless society.
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