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The Council urges the Bank of Central African States to introduce a common digital currency

NFT, crypto
Published 3 years ago
ID #1799
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The Council urges the Bank of Central African States to introduce a common digital currency
NFT, crypto,
Published 3 years ago

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The council sent an email asking the regional bank to introduce a digital currency in an effort to modernize payment structures and promote regional financial inclusion.

The Central African Republic, or CAR, passed legislation in April adopting Bitcoin - BTC as legal tender in the country, but has not recognized a central bank digital currency, or CBDC.

The Bank of Central African States, or Banque des États de l'Afrique, which serves Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of the Congo, could be closer to launching a digital currency of the central bank, reportedly at the behest of its board of directors.


The South African Reserve Bank continues to explore the possible use of a CBDC through its Project Khokha initiative.

The Bank of Central African States also criticized Nigeria's acceptance of BTC as legal tender, calling the move problematic and something that could have a substantial negative impact on the Central African currency union.

Nigeria's central bank was one of the first in the region to launch a CBDC called eNaira in October 2021.
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    NFT, crypto
    African Bank Of Central Digital Currency