Future of Currency in W. Africa: CFA Franc Collapse and Eco Inadequacy

Africa remains one the most economically potential regions in the world, crypto and blockchain will help to drive its development.
It has been nearly two decades since the world saw the introduction of a new multinational currency bloc that would alter the balance of global power. Just like the euro, a new currency is taking shape that can compare in scope and vision. Only this time, it’s happening in Africa, and shockingly it’s not digital.The West African Monetary and Economic Union state countries are currently in transition to adopt a new currency that will be used in a single market across a dozen or more West African countries — the Eco. Pegged to the euro, it is designed to be a new fiat currency replacing the current CFA Franc and will be in circulation in many West African countries.However, while it might compare in scope and vision, Eco’s mere existence isn’t enough to ensure a currency’s success or power. Surprisingly, the Eco is a non-digital currency that is being launched to increase the efficiency of cross-border trade in West Africa. Yet in reality, it is still pegged to the euro, like its predecessor the CFA Franc. Rather than moving toward a true digital currency market and adopting African cryptocurrencies, the introduction of Eco appears to be a thinly veiled attempt at rexerting French colonial control over Francophone African economies with the launch of another centralized currency from outside of the continent.The origin of EcoThe WAEMU was established in 1994 by eight French-speaking countries in Western Africa. It is a collection of countries that have joined together in a customs union and currency union in order to advance economic growth. Its origins lie in the shared hope of promoting economic integration in West Africa, which was enduring a stubborn period of economic growth into the 1990s.The current members of WAEMU are Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. The primary goal of WAEMU and the currency union under the CFA Franc is to create a common market, coordinate policies, and harmonize fiscal policy among neighboring countries to promote security, stability and prosperity.The CFA Franc has been around in some form or other since the end of WWII, and has driven a persistent connection to France, their culture and their economy. Its backing by the French government has allowed the European power to maintain a level of influence in West African affairs, leading to the end of colonial control and extending the region well into the 21st century.Modern history of francophone currency in Africa is dripping in blood. Three days after the first President of Togo, Sylvanus Olympio, tried to print their own currency in 1963 rather than the French sponsored one, he was assassinated by an ex-French Foreign Legionnaire. The president of Mali, Modiba Keita, launched a sovereign currency in 1962 and was deposed by an exFrench Foreign Legionnaire, later dying in prison. Even recently, in 2011, President Laurent Gbagbo of Cote D’Ivoire was

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