Senegal cryptocurrency for the underbanked

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Senegal cryptocurrency for the underbanked

Senegal Cryptocurrency may become the first of its kind, as it will be based on its national fiat currency.

A few days ago, Senegal introduced eCFA, a new virtual currency which is currently in development.

This cryptocurrency was born thanks to a collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited.

BRM bank, financial institution specializing in capital markets and the implementation of custom banking solutions, is working on the development and integration of this cryptocurrency, and the Senegal government will serve as a legal tender.

Senegal Cryptocurrency for the underbanked

Similar to the objective of Norway’s bank DNB, Senegal wants to secure itself a significant market share of Africa’s underbanked and underserved people, who cannot find access to financial platforms and networks to manage their cross-border transactions.

Also, the development and launch of Senegal Cryptocurrency eCFA is leaded by the West African Economic and Monetary Union (WAEMU), which suggests that eCFA will be available for all the African countries, including Benin, Burkina Faso, Cote d’Ivoire, etc.

Unfortunately, both BRM and eCurrency Mint Limited didn’t release any technical information and background on their new Senegal cryptocurrency.

In fact, it is still unknown if the digital currency will be based on a permissioned ledger or on a decentralized blockchain network.

In both cases this news is very important as it is another step closer to the digital currencies adoption worldwide.

Read here more about Senegal and African involvement in digital currencies.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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