The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating cryptocurrencies as well.
In a move seemingly aimed at countering the Central African Republic (CAR)’s recent decision to embrace bitcoin, the head of the BCAS, Herve Ndoba, has reportedly urged the institution’s board to introduce a common digital currency for its six member states. The envisioned digital currency will ostensibly help modernize the region’s payment structure and promote financial inclusion.
The six countries that are members of the CAMU include Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo, and the CAR.
In addition to the common digital currency, the BCAS head also wants the regional central bank to establish a common legal framework to govern the use of cryptocurrencies, the report said.
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