The Bank of Central African States proposed to create its own digital currency

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The head of the Bank of Central African States has proposed the creation of a common digital currency to modernize payments and increase access to financial services for African citizens.  

Governor of the Bank of the Central StatesAfrica (BEAC) Herve Ndoba believes that a state-owned stablecoin could be used by countries that are part of the Economic Community of Central African Countries (ECOCAC). Ndoba is confident that the digital Central African franc will simplify and speed up payments in Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo and the Central African Republic.

Ndoba launched this initiative asresponse to the legalization of Bitcoin in the CAR, since BEAC had previously called on the government of this country to repeal the law on accepting BTC as a means of payment. The Governor of BEAC also believes that it is necessary to quickly begin developing regulations to regulate cryptocurrencies.

The International Monetary Fund (IMF) toocriticized the adoption of Bitcoin by the CAR authorities. However, this did not stop the country’s government from launching the state cryptocurrency Sango Coin. Let us 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 government of El Salvador continues to buy Bitcoin.