Senegal to Introduce Digital Currency in Western Africa
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....
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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....
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....
African crypto experts and entrepreneurs explain why the CFA franc is an uncomfortable currency and why Bitcoin is making waves as a replacement. Nearly 150 million people use the franc of the Financial Community of Africa (CFA) on a daily basis, from Senegal in the extreme west to Gabon in the center of the continent.Used in 14 countries, the CFA franc is pegged to the euro, printed in France and its monetary policy is controlled by Western powers. As Fodé Diop, a Bitcoin (BTC) Lightning developer hailing from Senegal details, “The IMF and the French government still control the....
When the words Bitcoin and Africa appear in a sentence, the word remittance usually follows. When Bitcoin first hit the mainstream in 2013, its low-cost money transfer feature was hailed as the solution to the overly expensive remittance costs charged by the large money transfer operators (MTOs), Western Union and MoneyGram. This is especially true when it comes to transferring funds to Africa. However, in the eight years since Bitcoin was first launched, bitcoin remittances in Africa have not really taken off. Bitcoin’s Challenges in Kenya. Bitcoin is an industry that regularly likes to....
Western Union has launched a new service WU EDGE that allows businesses to receive cross-border payments from customers within minutes. Competition from the digital currency sector has forced Western Union to introduce new fee-free network payment structure called WU EDGE. The new platform is slated to enable transactions between two parties in a matter of minutes. With WU EDGE, Western Union (NYSE : WU) intends to compete with Bitcoin-based remittance and payments platforms that have been offering instant transfers since their introduction. However, there are currency exchange charges....