Senegal will become one of the earliest countries in the world to introduce a national digital currency, based on blockchain technology. Titled eCFA, the digital currency will be legal tender alongside the CFA Franc, the country’s and the region’s national currency, adopted by fourteen countries in the region. These countries were predominantly French colonies in West Africa.
First reported by local publication iAfrikan, the eCFA’s development stems from a partnership between regional bank Banque Régionale de Marchés (BRM) and eCurrency Mint Limited, a fintech startup with a focus on central banks’-issued digital currencies.
Notably, the digital tender will be issued in accordance and compliance with e-money regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO). As the central bank of the West African Economic and Monetary Union (WAEMU), the BCEAO will also oversee the digital tender’s distribution beyond Senegal, in other West African countries. A press release from earlier this month revealed Senegal to be the first country to see the eCFA, before a second phase of the