How did the CFA franc come to be the common currency of 14 West and Central African nations? Who controls it and why did it suddenly lose half of its value in 1994? In this episode, we are joined by software engineer and founder of Bitcoin Developers Academy, Fodé Diop, for a discussion on the fascinating monetary history of West Africa. Fodé explains how the CFA franc has allowed France to maintain economic dominance in West Africa, how the 1994 devaluation affected his family, and why he is supporting bitcoin adoption as means of empowering Africans and increasing financial inclusion. Fodé also explains the work his is doing to support the development of Lightning applications and his plans for the Africa Bitcoin Conference: the first ever bitcoin and Lightning conference in West Africa.
00:00 Sponsors 02:00: Who is Fodé Diop 08:00 How bitcoin is fixing Africa 14:00 The history of declining fiat currencies 18:50 Money is a technology 21:00 Central banks, alternative currencies, and reserves within Africa 26:20 Africa's chance to break free with bitcoin 32:40 Bitcoin adoption as legal tender in African countries 34:40 How to use bitcoin in Africa 40:30 Mobile penetration in Central African Republic 45:40 West African CFA franc’s Inflation 51:20 Are the World Bank and IMF part of the Problem? 54:50 Rumours about Central Africa’s bitcoin Adoption 57:30 Benefits of adopting bitcoin 01:08:40 Bitcoin developers academy & Afro Bitcoin Conference 01:12:40 Bitcoin usage in Africa 01:18:10 Orange Pilling Sadio Mané 01:23:20 Africa on a Fiat Standard 01:28:20 Using bitcoin in Senegal 01:36:00 Few skills are as productive as software engineering 01:43:30 The Influence of China in Senegal 1:49:10 Wrapping up
Episode website (w/ transcript): https://saifedean.com/podcast/124-adventures-in-the-late-stage-of-fiat-the-cfa-franc-with-fode-diop/
Podcast website: https://saifedean.com/podcast
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