Senegalese citizens are increasingly turning to Bitcoin (BTC) as a reliable and secure means of payment and storage of value. While some in the west still wonder why anyone would risk storing their wealth in BTC, the idea is embraced in Senegal, partly as a result of the challenges that come with using the local fiat currency, the CFA franc.

In a country where people have become sceptical of the banking system and other financial service providers, the emergence of Bitcoin as a safer and more secure long-term savings option is a welcome development. According to local reports, the use of Bitcoin has grown rapidly in Senegal over the past few years, with more people looking to store their savings in cryptocurrencies and make transactions with BTC.

The driving factor behind the increased demand has been a lack of trust in the banking system and government-issued fiat currencies. Senegal's economy continues to suffer from a lack of financial independence and a huge number of vulnerable citizens, leading to limited access to financial services for those in the informal economy.

The local currency, the CFA franc, is not widely accepted in other countries, so citizens struggle to make international payments with it. As a result, people were left wondering whether Bitcoin could fulfil the same functions in international payments.

The rise in Bitcoin's popularity in Senegal is not only due to its use as a payment means; it is also being used as a store of value by many citizens. Moreover, locals are turning to Bitcoin as a medium to store wealth. The use of cryptocurrency has also been widely accepted in Senegal, with its government having recognized crypto as a legitimate means of payment with the introduction of its Crypto-Currency Act in May 2020.

The effort to foster the use of cryptocurrency in the country has also been led by local crypto exchange Bourse Crypto, which has provided its citizens with the necessary tools and education to make informed decisions when investing in Bitcoin. More than ever before, people in Senegal are beginning to view Bitcoin as a viable option when considering long-term investments or retirement savings plans. Senegalese citizens are beginning to trust in Bitcoin and other cryptocurrencies to provide a safe and secure way to store their wealth and conduct international payments. Thanks to the country’s legislative recognition of digital assets and the efforts of Bourse Crypto, Senegalese citizens now have a viable way to store their wealth and make international payments without worrying about volatility or lack of trust in the currency they are using.



Other News from Today