A Look At the CFA Franc – [...] at the Center of the French – West Africa Feud \ stacker news ~bitcoin

A Look At the CFA Franc – [...] at the Center of the French – West Africa Feud bitcoinke.io/2024/07/a-look-at-the-cfa-franc-2/

340 sats \ 11 comments \ @KenyaCoin 15 Jul bitcoin

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113 sats \ 3 replies \ @KenyaCoin OP 15 Jul

Currency unions don't work.

In recent years, the organization has failed to reverse rampant coups in the region with military coups witnessed in Mali in 2020 and 2021, in Burkina Faso in 2022 and in Niger in 2023.

All three countries withdrew from ECOWAS in January 2024 and are said to be pursuing their own single currency.

Source: WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECO

There are also risks that the currency could quickly lose value.

The new currency could depreciate against the CFA franc. This could have substantial negative repercussions for exporters to other West African Economic and Monetary Union countries.

Second, without proper formal frameworks to control and manage the new currency, speculation and uncertainty regarding its value may emerge. This is why establishing robust institutions to support the management and supervision of the new currency is crucial.

Source: Burkina Faso, Mali and Niger hint at a new west African currency: what it’ll take for it to succeed

10 sats \ 2 replies \ @Bell_curve 15 Jul

what about using the euro or dollar like Latin America?

23 sats \ 1 reply \ @398ja 15 Jul

They use it too, informally, but acquiring euros or dollars is not always easy.

0 sats \ 0 replies \ @Bell_curve 15 Jul

Yesterday was Bastille Day

0 sats \ 6 replies \ @KenyaCoin OP 15 Jul

Archive <-- No paywall

10 sats \ 5 replies \ @Bell_curve 15 Jul

Is tether available in Africa?

13 sats \ 4 replies \ @KenyaCoin OP 15 Jul

Tether has no KYC, it is available globally.

Now if you are asking if exchanges serving various African countries have USDT accounts, yes -- many do. Tether may not be that great for low value transactions though. At least nothing like bitcoin transactions on the Lightning network.

5 sats \ 3 replies \ @Bell_curve 15 Jul

I ask because tether/dollar are popular in Latin America

13 sats \ 2 replies \ @KenyaCoin OP 15 Jul

Tether is an attack on Bitcoin.

Stop using that shit.

10 sats \ 1 reply \ @Bell_curve 15 Jul

I don’t use tether

Even in El Salvador dollar usage including tether is higher than bitcoin

14 sats \ 0 replies \ @KenyaCoin OP 21 Jul

Usage of the Salvadoran colón was higher than the dollar even, until it wasn't.

Why use an inferior currency?