The head of the Bank of Central African States proposed the creation of a common digital currency to modernize payments and expand the access of citizens of African countries to financial services.
The Governor of the Bank of Central African States (BEAC), Herve Ndoba, believes that countries that are part of the Economic Community of Central African Countries (ECOCAS) could use the state stablecoin. Ndoba is confident that the digital Central African franc will simplify and speed up payments in Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of the Congo and the Central African Republic.
Ndoba put forward this initiative as a response to the legalization of bitcoin in the Central African Republic, since BEAC had previously called on the government of this country to cancel the law accepting BTC as a means of payment. The Governor of BEAC also considers it necessary to quickly start developing regulations for the regulation of cryptocurrencies.
The International Monetary Fund (IMF) also criticized the adoption of bitcoin by the CAR authorities. However, this did not prevent the government of the country from launching the state cryptocurrency Sango Coin. Recall that the first country to legalize bitcoin as a means of payment was El Salvador. Despite the decline in the cryptocurrency market and the warnings of the IMF, the El Salvadoran government continues to buy bitcoin.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
