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ITFC and BCEAO explore digital currencies

ITFC and BCEAO explore digital currencies

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The Central Bank of West African States (BCEAO) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, recently organised a virtual workshop on the trends and developments in central bank digital currency (CBDC) and its potential impact on driving inter-regional trade between West African countries and internationally.

The workshop highlighted the growing interest of central banks in digital currencies across the globe and was aimed at exploring how BCEAO can adopt CBDC into its operations.

The experts addressed key trends in the integration of CBDC into mainstream finance, exploring a range of themes and topics including policy, security, legal and regulatory considerations.

Nazeem Noordali, COO, ITFC said: “The Fourth Industrial Revolution will change the face of the traditional monetary system as we know it. Technology is already reshaping the way trade is being conducted, creating new and vast opportunities for greater efficiencies and impact. ITFC firmly believes in the potential of digital currencies in boosting trade and driving greater financial inclusion and stability in the developing world.

Justine Amenan Tano Beugre, Advisor to the Director General of the West African Centre for Training and Banking Studies (COFEB), a division of BCEAO, noted that: “It is important to stress that the BCEAO attaches particular interest to technological and financial innovations, considered as essential levers to strengthen financial inclusion. Also, like of the main central banks, our issuing institute is concerned about digital developments to be considered in the context of monetary issuance. This workshop therefore offers the opportunity to explore the issuance of the digital currency in a theoretical and practical way, but also discuss the implications for monetary policy and financial stability.”

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