Herve Ndoba, BCAS head, advocates for the creation of digital currency

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

Herve Ndoba, the Bank of Central African States (BCAS) head, highlighted the need to create a central digital currency that the six countries within the Central African Monetary Union (CAMU) can use. He made this known to the regional central bank board and advocated for the BCAS to set up a joint legal structure for controlling cryptocurrencies.

Virtual currency to streamline payment structure

In a bid targeted at contradicting the recent decision of the Central African Republic (CAR) to accept bitcoin, Herve Ndoba urged the institution’s board to create a collective digital currency for its member states. According to him, the proposed digital currency will supposedly help revolutionize payment structures and encourage regional financial inclusion.

In a Bloomberg report, the head of BCAS’s request came a few days after the BCAS concluded that the CAR’s law accepting bitcoin is irreconcilable with the resolutions and treaties governing the Central African Monetary Union and the Statutes of the Bank of Central African States. The CAMU countries include Gabon, Chad, the Central African Republic, Cameron, the Republic of Congo, and Equatorial Guinea.

Regulation of Cryptocurrencies

Besides CAR’s acceptance of Bitcoin as a means of exchange, El Salvador was the first country to accept cryptocurrency after lawmakers tremendously favored a bill that accepts bitcoin as legal tender. Interestingly, a new report indicates that in Ukraine: New fiat restrictions will boost cryptocurrency popularity – Expert. Despite the restrictions, cryptocurrency acceptance seems to be gradually picking up.

Likewise, the Central African Republic’s broad adoption of bitcoin has received massive criticism from several regional central banks and the International Monetary Fund (IMF). Nevertheless, the increasing criticism hasn’t stopped the President of the Central African Republic, Faustin-Archange Touadera, from continuing with the unveiling of the country’s own token – the Sango Coin.

Furthermore, besides advocating for a common digital currency, Ndoba wants the regional central bank to create a mutual legal framework that will govern or control cryptocurrency use within the region.

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