The tiny country of Lesotho has entered into a deal with a crypto-related company Apollo in a bid to deliver blockchain solutions in the country. Both parties have signed a memorandum of understanding (MOU) that will guide them in delivering blockchain and cryptocurrency solutions to government departments. The collaboration targets state departments and functions in the areas of poverty alleviation, education, employment, and the private sector.
During the signing of the deal, the Ministry of Communication, Science, and Technology represented the government of Lesotho. The official announcement was relayed to both local and international news aggregators.
Lesotho to Adopt Apollo Cryptocurrency
With the two parties signing the MOU, the government of Lesotho is set to adopt the Apollo cryptocurrency, which supports decentralized file storage and a voting system. The platform aims to initiate a marketplace that “will allow users to buy, sell, and trade physical and crypto assets using the Apollo currency.”
Steve McCullah is the Director of Business Development at Apollo. He revealed that the company currently runs offices in the U.S., Europe, and plans to establish a new office in Sandton South Africa, which will serve its African clients.
Deal Focuses on Improving Public Life and Private Sector Growth
According to the announcement, the core objectives of the MOU focus on enhancing growth in the public sector and in government operations especially when it comes to solving social issues. Besides, the project will:
“create new wealth in the private sector by harnessing Apollo fintech solutions, design and implement new government systems, reduce financial crime, maximize the commercialization of the nation’s mineral wealth, [and] eradicate challenges like unemployment, poverty, and educational constraint.”
The announcement further revealed that the initiative aims to harness operations in the Lesotho import and export sectors, which include diamonds, garments, electricity, water, and workers’ remittances.
McCullah further stated that the government of Lesotho decided to engage Apollo for the initiative, based on its ability to deliver blockchain solutions. He said that blockchain technology is the most secure technology to create state systems, but the technology still faces challenges that outweigh its benefits.
Apollo will provide Lesotho with the ability to develop systems that improve efficiency and simplify operations in any state department and function.