27 Nov '16, 12pm

Senegal Introduces Cryptocurrency Based on its National Currency

Senegal may become the first country to release a cryptocurrency based on its national currency. Earlier this month, Senegal introduced eCFA, a digital currency currently in development in collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited. BRM bank, a Senegal-based financial institution specializing in capital markets and the implementation of tailor-made banking solutions, is leading both the development and integration of the digital currency, which the Senegal government states would serve as a legal tender. Similar to the vision of Norway’s largest bank DNB, Senegal is attempting to secure a significant market share of Africa’s severely underbanked and underserved populations, which are struggling to find access to reliable and cost-efficient financial platforms and networks to settle cross-border transactions. Interestingly, the developme...

Full article: https://cointelegraph.com/news/senegal-introduces-cryptoc...

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