In what would possibly be Africa’s very first digital currency move, the head of the Bank of Central African States (BEAC), Herve Ndoba, asks the board to launch a common digital currency. The BEAC’s head, via a common digital currency, aims to pursue payment structures’ modernization, for promoting financial inclusion.
The establishment of the common digital currency is being considered for the six Central African Monetary Union (CAMU) member countries of Cameroon, Gabon, Chad, Equatorial Guinea, CAR, and Republic of Congo.
Signed by the BEAC board’s head, the request to launch a common digital currency came in the form of a statement in an email. Herve Ndoba is reportedly also considering to table a uniform legal framework for cryptocurrency regulation.
The common digital currency launch request from the BEAC head comes just at the time when the CAR’s Bitcoin adoption gets real.
Per reports, the BEAC considers the CAR’s Bitcoin adoption law to be “incompatible with the agreements and conventions governing the Central African Monetary Union and the Statutes of the Bank of Central African States.”
Also Read: Central African Banks Rebuke CAR’s Bitcoin Adoption
The stance of the International Monetary Fund (IMF) in the case of CAR’s Bitcoin adoption is the same—that of criticism.
