Senegal Introduces Cryptocurrency Based on its National Currency
Senegal may become the first country to release a cryptocurrency based on its national currency. Earlier this month, Senegal introduced eCFA, a digital currency currently in development in collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited. BRM bank, a Senegal-based financial institution specializing in capital markets and the implementation of tailor-made banking solutions, is leading both the development and integration of the digital currency, which the Senegal government states would serve as a legal tender. Similar to the vision of Norway’s largest bank....
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Senegal will become one of the earliest countries in the world to introduce a national digital currency, based on blockchain technology. Titled eCFA, the digital currency will be legal tender alongside the CFA Franc, the country’s and the region’s national currency, adopted by fourteen countries in the region. These countries were predominantly French colonies in West Africa. First reported by local publication iAfrikan, the eCFA’s development stems from a partnership between regional bank Banque Régionale de Marchés (BRM) and eCurrency Mint Limited, a fintech startup with a focus on....
The Western African nation of Senegal to soon introduce a digital currency in the region to function alongside existing CFA. The African continent has emerged as a leader in digital currency and blockchain technology adoption. The West African nation of Senegal may soon contribute to the digital currency revolution by launching eCFA. The proposed eCFA is the digital version of CFA francs being currently used by either independent states in West Africa. Expected to be launched sometime in 2017, eCFA will be rolled out by the Banque Régionale de Marché – regional bank of Senegal. According....
Central banks all over the world are exploring the possibilities of creating their own national digital currencies based on Bitcoin’s “blockchain” technology. This digital currency “movement” was first seen in Tunisia but has made its way to Ukraine, Senegal and Sweden. Ukraine Joins a Growing Number of Central Banks Considering Bitcoin Technology.....
The Senegalese Bitcoin community is flourishing: there's a homemade Bitcoin exchange, Bitcoin seminars in the local language and a growing list of merchants accepting Bitcoin in 2022. Nourou is a 29 year old Bitcoiner with a vision for his home country. A former financial analyst for a French Bank, he founded Bitcoin Senegal in late 2021.Following an eight-year stint in France, during which Nourou earned his Masters degree, Bitcoin Chaincode qualifications, and a deep understanding of legacy financial markets thanks to work in investment finance, he was primed to orange-pill Senegal.He....
In what should be the first of many over the coming years, Ecuador will soon begin trials with the world's first national digital currency. They are the first nation to agree officially to implement it's own digital currency as a state-supported national system of finance. The Central Bank of Ecuador has set up a trial version to begin later this month, and continue through mid-November 15th. Also read: Ecuador's Centralized National Digital Currency. Ecuador Trials the World's First National Digital Currency. This is an evolving story CryptoCoinsNews has been watching for months, as....