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Herve NDOBA is a senior executive, holder of a Master's degree in Financial Engineering, with more than 16 years of international professional experience.

African Regional Central Bank Head Manager asks for creation of a Digital Currency

Herve Ndoba, the head of the Bank of Central African States (BCAS), has instructed the board of the regional central bank to develop a standard digital currency that will be used by the six members of the Central African Monetary Union (CAMU). According to Ndoba, the BCAS should provide a uniform legal framework for overseeing cryptocurrencies as well.

Payment Structure Modernization using Digital Currency
In an apparent attempt to counter the Central African Republic's (CAR) recent decision to accept bitcoin, Herve Ndoba, the chairman of the BCAS, has allegedly encouraged the institution's board to implement a unified digital currency for its six member states.

The envisioned digital currency is intended to support financial inclusion and enhance the region's payment system. Ndoba's request came shortly after the BCAS said that the CAR's law approving bitcoin is "incompatible with the agreements and conventions regulating the Central African Monetary Union and the Statutes of the Bank of Central African States," according to a report from Bloomberg.

Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo, and the CAR are the six nations that make up the CAMU.

After passing the measure, the CAR became the second nation in the world and the first in Africa to recognize Bitcoin as legal cash. The cryptocurrency was initially used in El Salvador, where lawmakers passed a bill making Bitcoin legal tender with a resounding majority. Similar to its Central American counterpart, the IMF and the regional central bank have both opposed the CAR's acceptance of bitcoin (IMF). The introduction of the Central African Republic's own cryptocurrency token, the Sango coin, has nevertheless continued despite the growing criticism, according to President Faustin-Archange Touadera's administration.

The BCAS chief wants the regional central bank to create a shared legal framework to regulate the usage of cryptocurrencies in addition to a common digital currency, according to the report.

Who is Herve NDOBA?
Herve NDOBA is a senior executive, holder of a Master's degree in Financial Engineering, with more than 16 years of international professional experience. Coming from a modest family, he began his professional career at the age of 22 with freelance financial and organizational audit assignments in Abidjan, Côte d'Ivoire. Two years later, he joined a group of companies specializing in construction. At 26, he was given the position of Director of Finance and Management Control, the centerpiece of this organization made up of 4 companies. In 2013, he joined the world number one in port towage and managed the Administrative and Financial function for all Ivorian subsidiaries and ensured the consolidation and combination of all the Group's subsidiaries in sub-Saharan Africa.



Written By

Petrache Ionut

Jul 25, 2022