For BEAC, cryptocurrencies weaken the CFA franc by reducing CEMAC’s currency stocks

Faced with a pressing demand from fintechs to regulate cryptocurrencies in CEMAC, (Cameroon, Gabon, Congo, Chad, Equatorial Guinea and Central African Republic), the Bank of Central African States (Beac) is opposing a end of non-receipt. The central bank reaffirmed its opposition during the first forum dedicated to fintech, which it organized from January 29 to 31, 2024 in Douala. Reason: cryptocurrencies could dry up the community’s currency stocks. “Cryptocurrencies are not yet part of the central bank model. We must all be aware that every time we buy abroad, we spend our foreign currency stocks and weaken our currency. If people think that crypto-assets…