- Published: Thursday, 26 January 2017 09:20
- Sourced by SolutionsTeam
Towards the end of last year, a regional bank for francophone west Africa, Banque Régionale de Marchés (BRM), issued a digital currency in Senegal (which it initially dubbed the eCFA but has since decided to rename). It acts similar to other digital currencies and consumers can interact with it across existing payment platforms, such as electronic and mobile wallets. It is an experiment which authorities are monitoring closely and, if considered successful, it could be rolled out in the eight member countries of the West African Economic and Monetary Union (WAEMU) to operate alongside the region’s hard currency, the CFA. But what makes it so unique is that, unlike other digital money solutions out there, it could become the region’s digital fiat currency. In other words, it could potentially become legal tender backed by a central bank.