[2016-12-17] Central Banks of Benin and Togo to Run National Cryptocurrencies

[Vladdirescu87]

Two more West African countries - Benin and Togo - have joined the list of countries to have their own cryptocurrencies controlled by central banks following the pioneers of the initiative - Tunisia and Senegal.

George Sagala, the president of eCurrency, told that in the exclusive interview for CoinIdol.com Blockchain News Outlet. 

Recently two African countries have pioneered the breakthrough of establishing their own digital currencies. It first started with Tunisia, then the latest country on the list was Senegal. All this development has been fueled by eCurrency, an organization that supports digital currency research and development.

You can read full article and take part in the discussion here: https://coinidol.com/benin-and-togo-to-run-national-cryptocurrencies/

[cr1776]

"Central banks" and a decentralized crypto currency are oxymorons.

[Factmine]

"Central banks" and a decentralized crypto currency are oxymorons.

True, these countries are trying to hide their proposed electronic currency behind the term of Cryptocurrencies. THis is probably a way for these governments to create more control over their citizen's money and so they can implement more efficiently their government policies. However, I don't like how they mask their move to digital currency in the form of Cryptocurrencies.

[harrymmmm]

"Central banks" and a decentralized crypto currency are oxymorons.

I didn't see any mention of 'decentralized'.

This is just what we expected to happen for years already. A centralized currency using a permissioned blockchain.

Good to see banks innovating after so many decades, at least.

[1Referee]

"Central banks" and a decentralized crypto currency are oxymorons.

I didn't see any mention of 'decentralized'.

This is just what we expected to happen for years already. A centralized currency using a permissioned blockchain.

Good to see banks innovating after so many decades, at least.

Governments and financial institutions and other organizations of whatever country, are very eager to adopt the blockchain as technology, or a direct copy of what we consider to be crypto currencies, but it will be their own private (centralized) version of course. People shouldn't expect them to adopt anything that puts the complete power in the hands of the people. Mainly because of the fact that governments thrive on being the central point of everything. It's the system that you can't escape from. That's why we should praise Bitcoin for the light at the end of the tunnel. Bitcoin is our escape.

[yayayo]

"Central banks" and a decentralized crypto currency are oxymorons.

Exactly. In addition the whole country coin concept is idiocy, even if the country coins would be decentralized. The whole reason to use a cryptocurrency is to be able to transact freely, without intervention form central authorities and across borders.

It's funny to see how the corrupt officialdom in developing countries is jumping on the countrycoin bandwagon, years after this concept was already wrecked within the Bitcoin community. Maybe some altcoin "developers" made a nice amount of cash selling their generic products and are now screaming with laughter...

ya.ya.yo!

[Papa Bear]

In Africa, a lot of governments hesitate to take on this technological advancement, basically in fear of high investment costs and a low local skills base for the technology service. Tunisia and Senegal have taken a bold step which will change the face of digital currencies in the entire world.

[Gotottack]

In Africa, a lot of governments hesitate to take on this technological advancement, basically in fear of high investment costs and a low local skills base for the technology service. Tunisia and Senegal have taken a bold step which will change the face of digital currencies in the entire world.

It would be awesome if countries try to adopt something technologically advanced when it comes to currency. However, I do not think that the best countries to adopt this kind of technology would be African governments. I think it should be from the developed countries like the US, Japan, UK, etc. I think they have the resources to implement such technologies.

[cr1776]

"Central banks" and a decentralized crypto currency are oxymorons.

I didn't see any mention of 'decentralized'.

This is just what we expected to happen for years already. A centralized currency using a permissioned blockchain.

Good to see banks innovating after so many decades, at least.

That is the problem.

If you have a centralized currency, there is no need for a block chain or any other buzzwords - just have a replicated database.  A permissioned block chain buys very little for regular people - but it buys buzzwords, and more control for the governments and banks that try to muddy the water with them.  It allows the corrupt to continue to be corrupt with no anti inflation or other protections for the users.

[kalpit]

"Central banks" and a decentralized crypto currency are oxymorons.

The article (link given by OP) says that they are making a national eCurrency. I think there's a difference between e Currency and the normal cryptocurrency we use.

eCurrency can just be like some dollars that exist in a online wallet, just replacing ( or just decreasing) the use of printed form of currency.

Yes it cannot be decentralised. And there's no need of blockchain.

[aigeezer]

Centralized ecurrencies have a terrifying implication that outweighs other concerns imho.

Consider - we have become used to centralized paper currencies and the abuses that go with them, such as centralized authorities arbitrarily raising or lowering the value of everyone's net worth by manipulating the money supply or interest or exchange rates.

However, with centralized ecurrency, such authorities can arbitrarily target small groups or individuals, rather than "everyone at once". For example, you might discover one day that your "ecurrency access privilege" has been revoked - your authorization card - your unique personal identifier - just won't work all of a sudden. In a centralized ecurrency world "they" can pull the plug on you any time and instantly make it impossible for you to buy or sell anything at all - you would become what was called a non-person in the Soviet era.

Think of the horror stories posted from time to time on this forum by people who have had a bank account closed suddenly "for no reason" or "because they used BTC". In a centralized ecurrency world, one could not just open up a new account at the bank across the street.

Hey, it will save trees, and everyone knows paper money carries germs, and and.... all true - it's a matter of balance, and "the authorities" have their own view of what balance is appropriate. Paper money is an abomination (unless you control its supply, in which case you might think it's pretty cool) - centralized ecurrency is worse, far worse.

For me, this control issue is a bigger concern than privacy issues involving centralized ecurrency, which are themselves huge.

Bleak prospects. Decentralized crypto is an idea whose time has come but - interesting times ahead before it becomes the norm. Stay alert!     

[cr1776]

"Central banks" and a decentralized crypto currency are oxymorons.

The article (link given by OP) says that they are making a national eCurrency. I think there's a difference between e Currency and the normal cryptocurrency we use.

eCurrency can just be like some dollars that exist in a online wallet, just replacing ( or just decreasing) the use of printed form of currency.

Yes it cannot be decentralised. And there's no need of blockchain.

This should be moved to the alt-coin section then since it is not bitcoin related and not notable. Not to mention that there is no need for "crypto" in that case.

This is a nonsense proposal that uses buzzwords that are meaningless in this context. This is just a database.

It is  therefore completely off topic

[eaLiTy]

I do not know how this one is going to work. Will the government mine the coins themselves and then distribute  or they will allow others to mine the coin and purchase from them.What are they going to do with the paper currency,for these countries to go for digital currencies they must have high Internet penetration and development, does these countries have those infrastructure to start thinking about a digital economy 

[TraderTimm]

Centro-cryptocurrencies are the answer for corrupt banking systems wanting to extend their influence under the umbrella of new technology.

Decentralized Cryptocurrencies are for people who want freedom - unfortunately the Centrists have bigger budgets and will wage a war for quite some time resisting the changes.

African governments in general tend to be highly compromised and corrupt, as shown by certain African states that can't manage their money resulting in hyperinflation, in addition to the usual run-of-the-mill dictatorship problems (president that loses election doesn't step down) and other issues.

I don't think innovation is going to come from Africa, but Bitcoin will be a catalyst for it elsewhere.