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BEAC backs digital CFA
In the CEMAC zone, the Bank of Central African States (BEAC) is favoring “a sovereign digital instrument indexed at a strict parity to the CFA franc” rather than opening to private dollar-denominated stablecoins.
“Team Newsletters Home Public Sector Management Finance Agriculture Energy Mines Transport Telecom Comm Training [link] Finance News Zone CEMAC: BEAC favors a digital CFA franc over stablecoins Created on: May 13, 2026 16:46 (Ecofin Agency) - In response to the rise of stablecoins, BEAC opts for a sovereign answer: a digital CFA franc”
BEAC Governor Yvon Sana Bangui clarified the stance on Friday, May 8, in Dakar, Senegal at an international conference organized by the Central Bank of West African States (BCEAO) on crypto-assets and digital innovations.
The BEAC governor said there would be “a single parity for the currency: a CFA franc and a digital CFA franc,” aligned with the existing cooperation framework for the six CEMAC member states.
The Ecofin Agency report says BEAC is working with the International Monetary Fund (IMF) to develop a subregional regulatory framework, and that in February BEAC organized a skills transfer workshop with the Central African Banking Commission and the Financial Market Supervisory Commission.
It also frames the stakes as external stability and monetary sovereignty, warning that widespread adoption of dollar-denominated stablecoins would effectively introduce a second currency in digital transactions.
IMF: stablecoins can run
Multiple outlets report that an IMF working paper warns dollar stablecoins can expand access to foreign currency but also deepen currency crises by amplifying currency runs.
Cointelegraph says the paper, “Stablecoins and Fragility in Fixed Exchange Rate Regimes,” modeled how stablecoins affect parallel foreign-exchange (FX) markets when official dollar access is rationed.
The IMF analysis, as described by Cryptonews.net, says stablecoins make “dollar-like claims easier to access,” while their visible market price can signal severe dollar shortages and prompt mass movements out of local currencies.
Bloomingbit reports that the IMF said stablecoin prices could reflect real-time dollar demand during a currency crisis, accelerating sales of local currencies and a shift into dollar assets.
The KuCoin report adds that the IMF’s modeling implies regulators may consider “temporary transaction limits on unusually large or panic-driven stablecoin activity” during crises.
Regulators weigh different paths
Beyond BEAC’s sovereign approach, the Ecofin Agency report describes Kenya choosing to regulate virtual asset service providers under the Virtual Asset Service Providers Act, with implementing regulations expected in the coming weeks.
“Summary - The IMF said dollar stablecoins can expand access to foreign currencies and effectively serve as an alternative foreign-exchange market”
Ecofin says the Central Bank of Kenya governor, Kamau Thugge, presented that stablecoin issuers would face the highest capital requirements among virtual asset service providers and be required to hold reserves on a one-to-one basis.
The same Ecofin report says Sierra Leone’s central bank is working on evaluating a framework for authorizing stablecoins with technical support from the IMF, citing the country’s recent macroeconomic fragility.
In Venezuela, El Universal describes the Banco Central de Venezuela (BCV) as the “guardián” of the moneda nacional and responsible for monetary policy, including regulating monetary liquidity and administering international reserves.
El Universal also states that, as of April 2026, Venezuela has normalized its relations with international financial organizations, allowing the IMF to “volver a auditar las cuentas reales de Venezuela,” while projecting that the economy could grow between 4% and 7.4% during 2026.
