The Central Bank of Central African States, to which 6 Central African countries are affiliated, is studying the launch of a common digital currency, with the aim of modernizing payment instruments and enhancing financial inclusion in the region.

The currency proposal presented by the bank’s board of directors at its meeting on Thursday, will be allowed to be used in the member countries of the bank, in order to facilitate financial transactions.

The Central African Bank (BEAC) serves the group of member countries of the Central African Economic and Monetary Community (CEMAC), which includes Chad, Gabon, Cameroon, Equatorial Guinea, the Republic of the Congo and the Central African Republic.

The official currency of this economic grouping is the Central African Franc, which is backed by France.

Several central banks in sub-Saharan Africa, some of which are already in the beta phase of issuing digital currencies, are exploring after Nigeria, which is not affiliated with the Central African Bank, launched the e-naira last October.

If approved, the BCA will become the first regional bank to introduce its virtual currency.

The Central Bank of Central African States strongly opposed the Central African Republic’s decision to adopt “Bitcoin” as a legal currency alongside the franc, last April.

The Central Bank is seeking from its step by studying the launch of the digital currency to find a reliable alternative that countries can rely on instead of encrypted currencies such as “Bitcoin”.