Senegal to Introduce Blockchain-based Currency to West Africa, eCFA

One major hope of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term advocates was that the cryptocurrency will take a leading role in commerce in emerging markets but now it seems that the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology it is based on will be adopted by established local institutions first.

As the latest example for this trend, the African nation of Senegal is preparing to issue an official blockchain-based legal tender according to reports from the region. The eCFA franc as it will be called will be in circulation in parallel to the current physical CFA franc bank notes.

The CFA franc is actually the name of two currencies used by fourteen countries, mainly formerly French-colonies in Africa, which are guaranteed by the French treasury (West African CFA franc and the Central African CFA franc). In practice the two CFA franc variants have equivalent value as they are fixed to the same exchange rate with the euro.

Senegal’s eCFA is a result of a collaboration by Banque Régionale de Marchés (BRM) and eCurrency Mint Limited. BRM will issue the eCFA, in compliance with e-money regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of West African Economic and Monetary Union (WAEMU).

In light of all of this regional institutional involvement, it has also been announced that the eCFA will expand beyond Senegal in a second phase to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau.