The Board of Directors of the Bank of African States (BEAC) I urged regional financial authorities to create a unified digital currency to serve the region. In addition, he demanded the establishment of a regulatory body for crypto-currencies. The regional bank has also declared itself opposed to the adoption of Bitcoin in the Central African Republic.
Focus on requests for BAEC
As a reminder, the bank serves the Central African RepublicCameroon, the Democratic Republic of Congo, Gabon, Chad and Equatorial Guinea.
Its board of directors emailed the Bank following the meeting in Dura, Cameroon, according to Bloomberg. The chairman of the board of directors, Hervé NdobaI signed the email appealing to a creation of a uniform digital currency. I also urged regional banks to developing a regulatory framework for cryptocurrencies.
The warning surprisingly came after the central bank strongly opposed the Central African Republic’s decision RCA to adopt bitcoin as legal tender. The Regional Monetary Union claimed that this “is not in accordance with the agreements and conventions governing the Central African Monetary Union and the regulations of the Central African Republic”. However, despite criticism from international bodies, the RCA go ahead with their plans BTC.
See also: Taiwan is considering banning the use of credit cards to purchase cryptocurrencies.
African countries rather compatible with cryptocurrencies
Adoption of cryptocurrencies in Africa has accelerated over the past few years. This after more and more countries are struggling with inflation and their national currencies continue to appreciate. The African continent it became one of the steps the fastest growing adoption of digital assets.
According to a report by KuCoincryptocurrency transactions in Africa grew by 2.670% in 2022. Another report shows that Nigerians are most likely to get non-redeemable tokens in 2022.
African countries say that Ghana, Nigeria and South Africa Are working on central bank digital currency projects (CBDC). The Central Bank of Nigeria I threw I projected it eNaira in October 2021. Although there are no reports of its use, the use ofeNaira was doable Furthermore, the South African book bank also plans to develop a CBDC. However, she has not yet made a firm decision.
Countries in Sub-Saharan Africa, however, will have to contend with insufficient internet infrastructure and electricity to adopt cryptocurrencies on a larger scale.
Bonus: The United Royale is developing a project to regulate stablecoin payments.