Africa truly is a land of experimentation for the financial technology industry. Following in Tunisia’s footsteps, Senegal has launched a blockchain-based national digital currency. Known as eCFA, the digital currency is legal tender with the same value as the current currency, the CFA Franc. The West African Economic and Monetary Union (WAEMU) plans to launch the digital currency in other African countries, including Ivory Coast, Benin, Mali, Burkina Faso, Niger, Togo, and Guinea-Bissau. Though it uses blockchain technology to ensure transaction traceability, eCFA is different to bitcoin in that it is managed by a single central bank.
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