Senegal to introduce blockchain-based national digital currency

Blockchain | November 25, 2016 By:

Senegal, a country on Africa’s west coast, plans to introduce a national digital currency. Named eCFA, the digital currecy will be blockchain based and will be legal tender just as their current currency, CFA Franc, is.

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

“We are committed to bringing digital financial services and true financial inclusion to West Africa. We are very happy to announce the eCFA capability here. 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,” said Alioune Camara, CEO of BRM.

In light of all of this regional institutional involvement, it has also been announced that the eCFA will expand beyond Senegal in a second phase to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau.