{"id":1725,"date":"2016-11-28T18:25:29","date_gmt":"2016-11-28T18:25:29","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=1725"},"modified":"2020-11-09T06:12:03","modified_gmt":"2020-11-09T04:12:03","slug":"senegal-cryptocurrency-underbanked","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/11\/senegal-cryptocurrency-underbanked.html","title":{"rendered":"Senegal cryptocurrency for the underbanked"},"content":{"rendered":"<p dir=\"ltr\"><strong>Senegal\u00a0Cryptocurrency<\/strong> may become<strong> the first of its kind<\/strong>, as it will be <strong>based on its national fiat currency<\/strong>.<\/p>\n<p dir=\"ltr\">A few days ago, <strong>Senegal introduced eCFA<\/strong>, a new virtual currency which is currently in development.<\/p>\n<p dir=\"ltr\">This cryptocurrency was born thanks to a collaboration with <strong>Banque Regionale de Marches<\/strong> (BRM) and <strong>eCurrency Mint Limited<\/strong>.<\/p>\n<p dir=\"ltr\">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.<\/p>\n<h2 dir=\"ltr\">Senegal Cryptocurrency for the underbanked<\/h2>\n<p dir=\"ltr\">Similar to the objective of Norway\u2019s bank DNB, Senegal wants to secure itself a significant market share of Africa\u2019s <a href=\"https:\/\/holytransaction.com\/blog\/2015\/07\/who-are-under-banked.html\">underbanked and underserved people<\/a>, who <strong>cannot find access to financial platforms<\/strong> and networks to manage their cross-border transactions.<\/p>\n<p dir=\"ltr\">Also, the development and launch of <strong>Senegal Cryptocurrency eCFA<\/strong> is leaded by the <strong>West African Economic and Monetary Union<\/strong> (WAEMU), which suggests that <strong>eCFA will be available for all the African countries<\/strong>, including Benin, Burkina Faso, Cote d\u2019Ivoire, etc.<\/p>\n<p dir=\"ltr\">Unfortunately, both BRM and eCurrency Mint Limited<strong> didn&#8217;t release any technical information<\/strong> and background on their new Senegal cryptocurrency.<\/p>\n<p dir=\"ltr\">In fact, it is still unknown if the digital currency will be based on a permissioned ledger or on a decentralized blockchain network.<\/p>\n<p dir=\"ltr\">In both cases this news is very important as it is another step closer to the<strong> digital currencies adoption worldwide<\/strong>.<\/p>\n<p dir=\"ltr\">Read here more about Senegal and African involvement in digital currencies.<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Senegal\u00a0Cryptocurrency 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 [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,101,191,468,542],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senegal cryptocurrency for the underbanked -<\/title>\n<meta name=\"description\" content=\"Senegal Cryptocurrency will be based on its national currency. 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