Senegal Cryptocurrency

Note from the CEO:  What’s up with Africa? The US (North America), Asia, Europe and even Latin America seem to be way behind a few African counties in embracing a digital currency. Geeeezzzzz, I just finished an article about Zimbabwe and here is Senegal going all blockchainy. Guess the major central bankers are all tied up printing paper money.

Senegal is introducing a national digital currency based on blockchain and it IS legal tender in fourteen French colonies throughout West Africa. Surprisingly the only other country in the world that has a legal national currency is Tunisia (also Africa). There are several other countries considering doing the same so the concept is spreading. Interesting read.

“Senegal has recently become only the second country in the world to introduce a digital currency based on blockchain technology. Named eCFA, the digital currency will be legal tender just as the current currency, CFA Franc, is.

Senegal’s eCFA comes from a partnership by Banque Régionale de Marchés (BRM) and eCurrency Mint Limited, where BRM will issue the digital tender currency, the eCFA, in compliance with e-money regulations of the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of the West African Economic and Monetary Union (WAEMU).

Interestingly, the only other country in the world with a national digital currency is also African – Tunisia. In late 2015, Tunisia became the first country in the world to offer its national currency to be transmitted through cryptocurrency based on blockchain, using a platform built by Monetas.”

Source: Iafrikan