CFA Franc and Bitcoin

Entrepreneurs and cryptocurrency experts from Africa explained why Bitcoin (BTC) is replacing the CFA franc.

From Senegal to Gabon in the center of Africa, almost 150 million population of 14 countries use the Financial Community of Africa (CFA) franc on daily basis. The CFA franc is attached with euro, its printing is done in France, and Western powers are controlling its monetary policy. A BTC developer of Senegal FodéDiop acclaimed that the French government and IMF are the ones who still control the currency.

While the official conversion rate of 1 euro is 655.96 CFA francs, the purchasing power of this currency is badly affected over time. In 1994 the CFA franc was devalued against the French from 1-50 to 1-100 by the World Bank. And the Africans realized their life saving that year had been reduced to half.

Before the creation of Bitcoin (BTC), Africans were storing their money in conventional stores of value such as U.S. dollars, euros, in real estate commodities. For common people, even these options are not available.

The very first retailer of crypto in Senegal, Mama Bitcoin has told the news media that the CFA franc is disempowering people and Bitcoin might be providing the way out. Now there is a feasible substitute after the arrival of crypto and Bitcoin. Gloire proposed that CFA countries could free themselves from the colonial dark pages of France with the help of Bitcoin.

A nonprofit crypto adoption and promotion organization in Senegal SenBlock co-founder Mouhammad Dieng informed the news media that the monetary policy of CFA does not allow Africa to develop which he does not like. And Bitcoin is the least risky substitute to make a shift to a digital currency for Africa.

The possibility for strong currency in the African CFA countries is enormous. The GDP of 14 African CFA countries is hardly $170 billion. It is a very large region with huge resources which are still untapped, including minerals and agriculture.

Crypto exchange Shintsha which allows the payment through mobile money, founder and software engineer Pape Aliounce told the news media that no country could develop without neutral money or better be its own money.

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