The Bank of Central African States (BEAC) plans to introduce a common digital currency for its six member states. The currency initiative aims to modernize payment systems and promote regional financial inclusion.
The BEAC will be the first regional bank to introduce a single virtual currency for use in several countries: Cameroon, Gabon, Chad, the Republic of Congo, Equatorial Guinea, and the Central African Republic. Bloomberg reports about it referring to an email from the BEAC board of directors, headed by Hervé Ndoba.
According to the letter, the Central Bank plans to introduce a common digital currency that can be used on a par with the BEAC’s CFA franc. Board members are also pushing for developing a common regulatory structure for cryptocurrencies to avoid possible fragmentation of the financial market and preserve financial inclusion in the region.
The initiative to create a single digital currency emerged shortly after the Central African authorities adopted BTC as the official means of payment. However, this move by the government of Faustin-Archange Touadéra did not meet with the approval of other members of the Economic Community of Central African States (ECCAS) because the currency policy was changed without prior consultation and approval of all members of the organization.
The number of cryptocurrency users in Africa grew 25 times in 2021. In Nigeria, in particular, 42% of the population actively uses cryptocurrencies for various payments.
