The adoption of Bitcoin in Africa is hampering the plans of the EAC for the creation of a single currency

Because of the decline of the economy and the devaluation of the national currency, the east African Community (EAC), an intergovernmental organization of the central Bank, composed of six countries, plans to put in place a single currency.

In addition, the growing popularity of Bitcoin and other crypto-currencies impedes the ability of the central bank of Africa Is to establish a currency backed by the CAE.

Below, more details regarding this announcement :

The goals of the CAE are different

The announcements of News.Bitcoin in October last year were part of the growing concern of the Bank of Tanzania for the citizens of East Africa who are investing in Bitcoin. The bank governor, Benno Ndulu, has noticed the rise of this digital currency, and has stated that they are currently working on the regulation of Bitcoin. This week, the publication of the Daily News has contacted the bank of tanzania to learn how Bitcoin can affect its plans for the launch of a digital currency. It will be considered as being legal, South Sudan, Uganda, Kenya, Tanzania, Rwanda and Burundi.

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Mr. Bernard Dadi, director of the national payment system of the Bank of Tanzania, has revealed that the member States of the EAC are still in the process of creating the single currency, but that the virtual currency presented new challenges.

The CAE is still considering the digital currency

According to Mr. Dadi, the Bank of Tanzania is working with experts in crypto-currency of the United Kingdom and has participated in various workshops related to this technology. The leadership of this institution has not yet decided if they will or not approve the use of crypto-currencies.

Dadi said that the member States of the EAC have issued warnings on Bitcoin and, more recently, the central banks of Kenya and Tanzania have warned the investors.

Source : NewsBitcoin