2016-12-30 Fri

Financial technology (fintech) is soon going to be introduced in Senegal for using digital currency in 2017. Most of Francophone West Africa Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Lusophone Guinea Bissauw will be using the currency if this plan works out.

Officials have stated that the eCFA will be issued by the regional bank Banque Régionale de Marche and will be used by countries in the West African Economic and Monetary Union.

The e-currency, produced by eCurrency Mint Limited will be designed to be circulated with paper money as legal tender. Security features that appear on paper money like watermarks, serial number and governor’s signature can be translated to a digital currency.

Tunisia was the first African nation to use blockchain technology by launching the eDinar earlier this year. Ecuador launched the first state-sponsored e-currency in the world last year.

Central banks around the world have monitored disruptive technology of cryptocurrencies. They are also in favour of a technology that allows the secure transfer of information, without a third party. Digital currencies are also difficult to regulate and had no links to sovereign currencies like now.