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SENEGAL INTRODUCES CRYPTOCURRENCY BASED ON ITS NATIONAL CURRENCY

Senegal may become the first country to release a cryptocurrency based on its national currency.

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Earlier this month, Senegal introduced eCFA, a digital currency currently in development in collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited. BRM bank, a Senegal-based financial institution specializing in capital markets and the implementation of tailor-made banking solutions, is leading both the development and integration of the digital currency, which the Senegal government states would serve as a legal tender.

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Similar to the vision of Norway’s largest bank DNB, Senegal is attempting to secure a significant market share of Africa’s severely underbanked and underserved populations, which are struggling to find access to reliable and cost-efficient financial platforms and networks to settle cross-border transactions.

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Interestingly, the development and launch of eCFA is overseen by the West African Economic and Monetary Union (WAEMU), which suggests that once ready for commercial roll-out, eCFA will be made available for other African countries including Benin, Burkina Faso, Cote d’Ivoire, Niger, Togo and more.

Source : Internet

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