The Bank of Central African States is under pressure to introduce a common digital currency to be used in its six member states, according to information published by Bloomberg.
The bank's board sent an email to the institution detailing how the use of a common digital currency would modernize payment structures and promote regional financial inclusion.
Very recently Nigeria, which is not served by the bank, officially launched a central bank digital currency (CBDC) called eNaira, which sparked discussion among other sub-Saharan nations.
BUT: Africa Can Benefit Substantially From Cryptocurrency Adoption
The Bank of Central African States acts as the central bank for the member states of the Central African Economic and Monetary Community (CEMAC). They are: Cameroon, Gabon, Chad, Republic of Congo, Equatorial Guinea and Central African Republic.
A Central African Republic adopted Bitcoin (BTC) as legal tender in April🇧🇷 However, the sub-region's central bank strongly opposed the decision, labeling it as “incompatible with the agreements and conventions that govern" the entity.
