Senegal will start to implement digital currency created for the West African Economic and Monetary Union (WAEMU)
The republic of Senegal is a second country to announce the introduction of the virtual currency into the mainstream monetary system. After Tunisia adopted eDinar in an early 2015, Banque Régionale de Marchés (BRM) has partnered with blockchain startup eCurrency Mint Limited to provide a virtual currency in the West African Economic and Monetary Union (WAEMU). In a first phase virtual currency named eCAF (CAF – Central African Franc) would be implemented in a Senegal with the plans to expand to Benin, Mali, Niger, Togo and Cote d’Ivoire. Future virtual currency will be issued only from the central bank and will coexist with other forms of currency. Centralized government blockchain will help in easy access and cost of transaction. Also, the ryptographic solution would improve security issues regarding possible counterfeiting.
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