African countries are going through an economic rough patch right now. Senegal is looking to introduce their blockchain based national digital currency shortly. This decision was made to address the financial turmoil in the country. eCFA, as this digital currency is called, will co-exist with existing legal tender in the country for the time being.
Senegal Sees Benefits of A National Digital Currency
What seemed to be a ludicrous idea at first is slowly turning into a go-to solution for countries struggling with financial woes. Senegal will be the second country in the world to issue their own digital currency, called eCFA. This project is a collaboration between Banque Regionale de Marches and eCurrency Mint Limited. The bank will be responsible for issuing the digital currency in compliance with existing e-money regulation.
Many people tend to forget Tunisia was the first country in the world to issue their own national digital currency. This African country made the decision at the end of 2015 to issue the currency, which can be transmitted over a cryptocurrency-based blockchain system. Ever since that time, not too much news has come out related to the Tunisian currency, though.