Central African Regional Bank Seeks to Introduce Common Digital Currency

According to a Bloomberg story, the Bank of Central African States is being pressured to launch a universal digital currency that can be used by all six of its member states. The bank’s board explained in an email to the bank how using a standard digital currency would update payment protocols and advance regional financial inclusion. Nigeria, which the bank does not cover, debuted the eNaira, a central bank digital currency (CBDC), in October, sparking debate in other sub-Saharan countries. Economic and Monetary Community of Central Africa The Central African Republic, Cameroon, Gabon, Chad, the Republic of Congo, Equatorial Guinea, and the Bank of Central African States make up the Economic and Monetary Community of Central Africa (CEMAC). In April, the Central African Republic made bitcoin legal tender. The Central African Monetary Union’s governing agreements and conventions were vigorously opposed by the Bank of Central African States, who described the decision as such. Central African Republic to Accept Sango Project CAR President Faustin-Archange Touadéra declared in June that the nation would accept the Sango project. A cryptocurrency plan that comprised a “legal crypto center” and special economic zone in the metaverse after embracing Bitcoin. In March, crypto transactions have surged by up to 2,670 percent yearly in Côte d’Ivoire, Senegal, and Dakar. Africa continues to be one of the world’s fastest-growing digital ...