Updated: Mar 5, 2020
By Wirba Brice Divine Ransinyuy. email@example.com
Today’s world has been marked with so many different plagues and difficulties, as collaboration tools and currencies are changing in nature of knowledge of use as currencies in between work and enterprise managements inside organizations. With this in line, there are evident clear and visible limitations with currencies due to their deflating and constant value loss. As a result of this, there is an absolute need of collaboration between central banks of digital currencies in order to bring a permanent and long lasting solution in order to establish trust and also bring much of the capability of digital currencies into use. As such, many currencies have delved into the possibility of getting along with the use of digital currencies as some other countries are still contemplating for the use of digital currencies. This has created a large opportunity for the blockchain technology based systems.
With this change of collaboration between countries, some countries have spearheaded the use of digital currencies between their various economic member states. This has been particularly being the case with the West African Economic and Monetary Union, known as (WAEMU) and also of Central African Monetary and Economic Community, also known as CEMAC, as they evaluated the economic needs of their member state population as limitedness as it regard financial resources and uses and decided to bring forward a financial system that will break all these boundaries and limitations. This has been the case with the West African Economic and Monetary Union that is made of member countries as follows; Ivory Coast, Senegal, Burkina Faso, Benin, Mali, Togo, Guinea-Bissau and Niger. These member states countries with Senegal on the leading move have brought on a digital currency known as eCFA which is to strengthen and tighten the economic ties already existing between these member states. This will be of use in bringing more and more collaboration in that it will be easy to use as it will be done in the form of mobile money having e-money wallets. Users will not need to have much knowledge and mastery of the use of internet in order to carry out financial transfers. With this, the eCFA is very secure and it is having the same value as paper money as a legal tender. This concept was brought by the BRM and also the eCurrency Mint as the BRM stands for local bank Banque Régionale des Marchés.
So far, the concept has brought in and out more economic and financial collaboration between member states countries of the West African Economic and Monetary Union easing out fast and easy transfers with low transfer cost no matter the member state the money is being issued from to another member state which is receiving the money.