Senegal Will Introduce a Blockchain-Based National Digital Currency
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....
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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....
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....
The South African Reserve Bank may be willing to introduce blockchain based, digital version of its fiat currency. The use of cryptocurrencies as legal tender is one of the most discussed topics among the cryptocurrency community members. The very thing may soon happen in South Africa. One of the South African financial magazines has recently reported about the willingness of the South African Reserve Bank to issue digital version of its fiat currency. The new currency referred to as the “national digital currency” is expected to be based on blockchain technology. The publication, in its....
The central bank of Georgia is advancing its digital currency project. The monetary authority is preparing to launch the CBDC as early as next year and plans to use the blockchain-based version of the national fiat, the Georgian lari, to facilitate retail sales.
Georgia to Introduce Digital Lari in 2022
The National Bank of Georgia (NBG) intends to pilot its own digital currency in a program scheduled for next year, Vice President Papuna Lezhava revealed this week. Speaking to reporters on Tuesday, the high-ranking official remarked that 85% of the world’s central banks....
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.....