The president of the Republic of Senegal, Macky Sall, expressed curiosity within the authorities’s bitcoin coverage in El Salvador, which he claimed has been bolstered by way of bitcoin (BTC) because it grew to become authorized money in that Central American nation final 12 months.
Macky Sall made this assertion whereas receiving Felix Ulloa, El Salvador’s Vice President, who was visiting Senegal to undertake enterprise negotiations and create relations between the 2 chambers of commerce.
The Senegalese president used the event to voice his curiosity in El Salvador’s bitcoin-based state coverage, which was one of many highlights of their dialog.
He additionally praised the Central American nation for demonstrating its financial soundness, citing the government’s ability to repay $800 million in debt with out the help of the Worldwide Financial Fund (IMF).
Senegal is thought to be some of the crypto-friendly nations in Africa. For this reason Akon, a U.S.-born singer of Senegalese heritage, revealed in June 2018 that he’s setting up a brand new future ‘Crypto metropolis’ in Senegal that may commerce solely in his personal digital money forex referred to as AKoin.
Africa’s crypto outlook
Recall that in Might 2022, about 44 bankers and establishments, together with representatives from the Senegalese Ministries of Financial system and Finance, visited El Salvador; the go to was meant to assist them develop a primary perspective on how the state makes use of bitcoin as its secondary authorized tender.
In response to Chainalysis, Africa has one of many world’s smallest however fastest-growing cryptocurrency markets, with month-to-month crypto transactions reaching a peak of $20 billion in mid-2021. Most of those customers come from South Africa, Kenya, and Nigeria.
Though an IMF Jan. 3, 2023 report highlighted the necessity for stricter crypto laws in Africa, the calls got here on the heels of renewed efforts for higher shopper safety, prevention of unlawful transactions, cash laundering, and lots of others.