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Bank of Central African States Urged to Introduce Common Digital Currency: Report

·1 min read

The Bank of Central African States is being pushed to introduce a common digital currency that can be used across its six member states, according to a Bloomberg report.

  • The bank's board sent an email to the bank in which it detailed how the use of a common digital currency would modernize payment structures and promote regional financial inclusion.

  • In October, Nigeria, which is not served by the bank, officially launched a central bank digital currency (CBDC) named the eNaira, which has prompted discussion among other sub-Saharan nations.

  • The Bank of Central African States serves as the central bank for Economic and Monetary Community of Central Africa (CEMAC) member states Cameroon, Gabon, Chad, the Republic of Congo, Equatorial Guinea and the Central African Republic.

  • The Central African Republic adopted bitcoin as legal tender in April. However, the Bank of Central African States strongly opposed the decision, labeling it as “incompatible with the agreements and conventions governing the Central African Monetary Union."

  • The Bank of Central African States did not immediately respond to CoinDesk's request for a comment.