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Senegal introduces national cryptocurrency

Senegal has become the second country in the world to introduce a digital currency based on blockchain technology.

The iAfrican publication says that the new digital currency, called eCFA, will be a legal currency on the equal basis with the CFA franc, the monetary unit of the French possessions in West and Equatorial Africa.

The creation of eCFA was the result of a partnership of Banque Régionale de Marchés (BRM) with eCurrency Mint Limited that will be responsible for issuing digital currency in accordance with the regulations of the West African Economic and Monetary Union (Banque Centrale des Etats de l'Afrique de l 'Ouest - BCEAO).

Tunisia became the first country in the world that announced the introduction of the national cryptocurrency, called eDinar, based on the blockchain technology at the end of 2015. The eCFA’s introduction will serve as a powerful impulse to the popularization of digital currency and their underlying technologies, and it will demonstrate once again that Africa is a fertile ground for testing and application of decisions in the fintech field.

Moreover, after the launch of eCFA in Senegal, the new digital currency will be available in other countries that use the CFA franc: Côte d'Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau.

It should be noted that there are several well-known crypto-projects in Africa. Thus, the BitPesa payment system offers to exchange Bitcoins for local currency in Kenya, Nigeria, Uganda and Tanzania and to send money to mobile accounts of recipients. The system can serve micro transactions, which makes it convenient for everyday use.

Besides that, the South African division of Barclays Absa Bank is one of the largest institutions that promotes the use of the blockchain technology. It is the first African bank that has joined the R3CEV consortium and now it is developing together with other six banks a blockchain platform, designed to create a more efficient and less costly financial system.

At the same time, the Reserve Bank of Zimbabwe warned about risks that Bitcoin could pose last summer.


  • November 30, 2016 2:48 PM MSK