New BCV organic law provides for issuance of digital currency as complementary means of payment, says governor

Cidade da Praia, 3 October (Inforpress) – The governor of the Bank of Cabo Verde, Óscar Santos, said today that the new organic law provides for the issuance of digital currency, aiming to promote financial inclusion, reduce transaction costs and modernise payment systems.

"Digital currency is an inevitable path. It's already foreseen in the new Organic Law proposal, we already have a working group, and we'll eventually move towards that goal, with some banks in some countries adopting this model," he explained.

Óscar Santos was speaking to journalists on the sidelines of the international conference on "Artificial Intelligence (AI) as a tool to help promote efficiency and innovation in the financial system," held as part of the celebrations for the 50th anniversary of the BCV.

He highlighted that digital currency could contribute to the digitalization of financial services, strengthen financial inclusion, and reduce transaction costs, in addition to reducing dependence on banknotes and coins.

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