West African Digital-Currency Project Shunned by Central BankBy
The Central Bank of West African States distanced itself from plans to introduce a digital currency in Senegal, saying it isn’t involved in the project and won’t consider doing so.
The Dakar-based BRM bank said last year it wants to issue e-currency this year that can serve as legal tender, tentatively dubbing the project eCFA after the CFA franc that’s used in eight countries in West Africa and printed by the central bank, also based in the Senegalese capital, Dakar. The project is a cooperation with a European startup.
The central bank warned the BRM against the use of the term eCFA “to prevent any kind of confusion with the legal currency” in the region, it said late Wednesday in a statement on its website. The institution “points out that it’s not considering to create digital currency in any of its member states.”