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‘We don’t like our money’: The story of the CFA and Bitcoin in Africa

African crypto experts and entrepreneurs explain why the CFA franc is an uncomfortable currency and why Bitcoin is making waves as a replacement.
Nearly 150 million people use the franc of the Financial Community of Africa (CFA) on a daily basis, from Senegal in the extreme west to Gabon in the center of the continent.Used in 14 countries, the CFA franc is pegged to the euro, printed in France and its monetary policy is controlled by Western powers. As Fodé Diop, a Bitcoin (BTC) Lightning developer hailing from Senegal details, “The IMF and the French government still control the currency.”While the official peg to the euro is 1 euro to 655.96 CFA francs, its purchasing power has eroded over time. In 1994, the World Bank devalued the CFA franc against the French franc from 1:50 to 1:100. That year, West Africans woke up to realize the value of their life savings had been slashed in half. Gloire, the founder of Kivecla

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We współpracy z: https://cointelegraph.com/news/we-don-t-like-our-money-the-story-of-the-cfa-and-bitcoin-in-africa

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