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Senegal Becomes Second Nation to Gain National Digital Currency

Senegal Becomes Second Nation to Gain National Digital Currency

Senegal Becomes Second Nation to Gain National Digital Currency

Africa may have a reputation that is somewhat less than stellar when it comes to technolgoical advancement. However, the nations of Africa have shown an incredible ability to pick up the digital currency concept far faster than even the most advanced and established Western societies. As I reported last year, the African country of Tunisia complimented their digital eDinar monetary system with Monetas’ blockchain-based La Poste Tunisienne application. This put their monetary system on a national blockchain, the first of its kind in the world.

Now, West Africa’s Senegal is going national with their new eCFA that is equally legal tender as their fiat currency, the CFA Franc. This is just the beginning of the spread of this brand of nationally-accepted digital currencies in the region.

Africa is leading a new age of national digital currencies

Banque Régionale de Marchés (BRM) has partnered with eCurrency Mint Limited to provide a digital currency in the West African Economic and Monetary Union (WAEMU). BRM will issue the digital tender currency, the eCFA, in compliance with e-money regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of WAEMU. This secure digital instrument can be transacted across all existing payment platforms and will be equivalent in value to physical legal tender, and is backed by the BCEAO as such.

BRM announced the eCFA distribution will begin in Senegal and will be extended in a second phase to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau. The eCFA is a high security digital instrument that can be held in all mobile money and e-money wallets. It will secure universal liquidity, enable interoperability, and provide transparency to the entire digital ecosystem in WAEMU.

“The mission of eCurrency is to preserve the secure and inclusive characteristics of physical fiat currency in our rapidly emerging digital world. We are realizing this important mission in the WAEMU region through the implementation of eCFA by BRM,” said Jonathan Dharmapalan, CEO of eCurrency.

With only 20% of Africa’s population having access to basic banking services, a trusted electronic means of transacting is the ultimate instrument of financial inclusion. The evolution to an electronic digital legal tender offers citizens a means by which to save and transact in a secure digital instrument. The eCFA is issued to coexist with other forms of currency, offering a digital form to seamlessly send, receive, store, and transact digitally.

“We are committed to bringing digital financial services and true financial inclusion to West Africa,” said Alioune Camara, CEO of Banque Régionale de Marchés. “An eCFA backed by our banking system and the central bank is the safest and most secure way to enable the digital economy. We can now facilitate full interoperability between all e-money payment systems. This is a great leap forward for Africa.”

The electronic money provided by BRM can only be issued by an authorized financial institution. It uses high security cryptographic protocols to ensure that it cannot be counterfeited or compromised. Because it is interoperable and it provides transparency it promotes governance and regulation by the central bank.

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

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