The Central Bank of West African States (BCEAO), the International Islamic Trade Finance Corporation (ITFC) jointly organized a brainstorming workshop on Central Bank Digital Currencies (CBDCs) and their impact on interregional trade. Participants explored CBDC policy and innovation.

The webinar held by the two institutions focuses on CBDC trends and developments and the impact they could have on interregional trade between West African countries and internationally. The workshop highlighted central banks' growing interest in digital currencies and their concern to explore how the BCEAO could introduce CBDCs into its operations.
The experts, namely : Matthieu Saint Olive representing ConsenSys; David Wray and Willy Lim representing R3; Harold Bosse, Sébastien Le Callonnec, Kamran Shahin and Arn Vogels representing Mastercard; Pascal Ordonneau, former CEO of HSBC Invoice Financing; and Erin English and Catherine Gu representing Visa discussed the key modalities of integrating the CBDC into traditional finance, exploring a range of themes and topics, including political, security, legal and regulatory considerations.
Nazeem Noordali, Chief Operating Officer of ITFC, said: "The 4th Industrial Revolution will change the traditional monetary system as we know it. Technology is already reshaping the way trade is conducted, creating new opportunities for greater efficiency and impact. ITFC strongly believes in the potential of digital currencies to boost intra-regional trade and lead to greater financial inclusion and stability in the developing world." For Justine Amenan Tano Beugre, Advisor to the Director General of the Centre de Formation et d'Etudes Bancaires de l'Afrique de l'Ouest (COFEB), it is important to stress that the BCEAO attaches particular interest to technological and financial innovations, considered as essential levers to strengthen financial inclusion. Also, like the main central banks, the issuing institution is interested in the digital developments to be taken into account in the context of monetary issuance.