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Members of ECOWAS Parliament Introduced to Cryptocurrency

 “While we may be here discussing “cryptocurrency”, we are really discussing the future of securing (…) the basic needs for our citizens”. That was the main message put across by the second Deputy-Speaker of the Parliament of the Economic Community of West African States (ECOWAS), Malam Chaibou Boucary  during the opening ceremony of a delocalised meeting of the Community institution on Tuesday, 6 July 2021 in Ouagadougou.  Mr. Chaibou Boucary represented the Speaker of the ECOWAS Parliament, Sidie Mohamed Tunis. The Ouagadougou meeting, focused on the challenges of cryptocurrency in West Africa, will discuss the advantages and disadvantages of cryptocurrencies, analyse areas of concern as well as the necessary support to be provided to this new payment system.

The meeting will enable Community MPs to determine the need and the nature of the regulation to guard against abusive use of cryptocurrencies in the region.

The role of central banks and government regulation will also be examined to ensure better operation of cryptocurrencies for Community citizens and to protect them from chocks and volatilities that may be engendered by virtual currencies.

“I am of the firm conviction that the theme and bases for this delocalised meeting, for which we are gathered here in Ouagadougou, is very vital for the future world that we are trying to put in place”, said the second Deputy-Speaker of the ECOWAS Parliament.

He recognised, however, that “the economic and financial systems that exist today, will clearly be tasked with new and evolving needs in the coming months and years. It is, therefore, essential that we are forward looking in our thinking and in our planning”.

Having recalled the importance of the monetary structure and a regulatory framework across the economy, the second Deputy-Speaker emphasised the need to expeditiously reach “understanding amongst countries, especially ECOWAS Member States, who will be making decisions as regards digital currency operations within their States and across borders”.

He called upon participants at the meeting to “raise up their commitment to fostering and establishing a robust, secure and efficient way, method and processes that would enhance the financial future of our Community”.

Mr. Chaibou Boucary seized the opportunity to express “empathy with the good people of Burkina Faso, who have regrettably fallen victim to the wave of insurgency, terrorist attacks and kidnappings”.

I wish to encourage the security apparatus put in place by the Government, whose mandate is to defend the populace and the Burkinabe territory, to remain steadfast even in the face of the many adversaries”, he added.  

The second Deputy-Speaker gave the assurance that ECOWAS stood in solidarity with Burkina Faso against all menace to peace and security.

The event was also graced by the presence of high authorities of Burkina Faso, including the Deputy-Speaker of the national assembly of Burkina Faso, Nignan /Boni Chantal, who even chaired the meeting.

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