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.
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.
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.
Currency unions don't work.
Source:
WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECO
Source:
Burkina Faso, Mali and Niger hint at a new west African currency: what it’ll take for it to succeed
what about using the euro or dollar like Latin America?
They use it too, informally, but acquiring euros or dollars is not always easy.
Yesterday was Bastille Day
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Is tether available in Africa?
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.
I ask because tether/dollar are popular in Latin America
Tether is an attack on Bitcoin.
Stop using that shit.
I don’t use tether
Even in El Salvador dollar usage including tether is higher than bitcoin
Usage of the Salvadoran colón was higher than the dollar even, until it wasn't.
Why use an inferior currency?