A digital currency for Central Africa? The project that plans to counter Bitcoin

Attention! Monetary counter-offensive – The Central African Republic it shakes the region’s central bank, which could issue it digital currency in order to counter a possible progression of Bitcoin (BTC) in Central Africa.

A digital currency against the Central African Bitcoin

Bitcoin could ironically become the father of a Central bank digital currency (MNBC) common to the 6 member states of the Central African Monetary Union (UMAC).

The Director of the Bank of Central African States (BCAS), Hervé Ndobaasked the institute’s board to work on a digital currency for the region in reaction apparently the decision of the Central African Republic to give legal tender in bitcoin.

By making such a decision, the Central African Republic had obviously attracted the reviews the International Monetary Fund (IMF) and the Regional Central Bank. But following in El Salvador’s footsteps, the Central African Republic has not yet done so did not back downdespite these criticisms.

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Legal Bitcoin in CAR: An Outlawed Provision?

The Central African Republic, which is a member of UMAC along with Cameroon, Gabon, Equatorial Guinea, the Republic of Congo and Chad, has therefore decided to challenge BCAS.

The institute concluded, a few days before Hervé Ndoba’s intervention, that the law that legalized Bitcoin in the country was “inconsistent with the governing agreements and conventions” UMAC and Regional Central Bank.

Towards a common MNBC and cryptocurrency regulation

This call for the creation of a common digital currency is in line with this logic, not necessarily well founded, according to which a MNBC fight against the adoption of bitcoin and cryptocurrencies in general.

Advocates of the digital currency will also argue that an MNBC for Central Africa will offer a modern payment facility to the region, while promoting thefinancial inclusion.

In addition to this proposal for a central bank common digital currency, Hervé Ndoba also mentioned the importance of a single legal framework developed by BCAS to regulate cryptocurrencies in the countries of theUMAC.

Despite these shortcuts in central bankers’ speeches, the Bitcoin and the MNBC they are actually not comparable and not replaceable. One is a deflationary decentralized currency. The other is centralized and inflationary. But while some observers believe it cryptocurrencies can coexist with digital currencies central banks, the facts seem to show a completely different and more warlike reality between these two worlds.

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