ECurrency Mint has joined hands with the Banque Regionale de Marches (BRM) to offer a new form of digital currency to the West African Economic and Monetary Union (WAEMU). The coin is called eCFA, and can be used on a number of financial platforms within the region.
Blockchain technology and digital currency is earing newfound support in Africa. Recently, South African blockchain magnate Custos Media Technologies completed a successful fundraising round that garnered nearly half-a-million in revenue to expand the company’s battleground. The company has recently committed to ending movie piracy for good with a little help from bitcoin. Additionally, Bidorbuy (the continent’s equivalent of online retailer eBay) has agreed to accept bitcoin payments for goods and services, and Ghana is paving the way for bitcoin farming.
Founder and CEO of eCurrency Jonathan Dharmapalan expressed his enthusiasm towards the company’s recent decision, stating:
“The mission of eCurrency is to preserve the secure and inclusive characteristics of physical fiat currency in our rapidly emerging digital world. We are realizing this important mission in the WAEMU region through the implementation of eCFA by BRM.”
Presently, only about one-fifth of Africa’s population has access to financial services and valid banking institutions. Corruption and economic turmoil has caused the continent’s monetary systems to experience hardcore twists that have ultimately knocked respective users out of the limelight, though as seen in China, many South and West Africans have inherently resorted to bitcoin to build assets and access new financial strategies.
CEO of BRM Alioune Camara also added a few words, saying:
“We are committed to bringing digital financial services and true financial inclusion to West Africa. We are very happy to announce the eCFA capability, here. An eCFA backed by our banking system and the central bank is the safest and most secure way to enable the digital economy. We can now facilitate full interoperability between all e-money payment systems. This is a great leap forward for Africa.”