Cheikh Diba, Senegal's Minister of Finance and Budget, launched the international conference on crypto-assets and digital innovations this Friday. The conference, organized by the Central Bank of West African States (BCEAO), brought together public decision-makers, monetary authorities, experts in the field, representatives of banks, and stakeholders in the ecosystem, among others.

During his address, the Minister of Finance of Senegal emphasized that digital innovations are now a major driver of transformation and modernization for our economies. They pave the way for a significant improvement in the efficiency of payment systems, a reduction in transaction costs, and an acceleration of financial inclusion.

"For developing countries, particularly African economies, these technologies offer the opportunity to modernize financial services and expand access to credit, thereby addressing decades of under-banking that have hampered our economic development. They also contribute to strengthening transparency, the traceability of financial flows and regional economic integration, while stimulating innovation and the competitiveness of our productive systems," he said.

And Senegal, aware of this potential, has made digital technology a central pillar of its economic and social development strategy, the minister stated, referring in particular to the national digital strategy, known as the "New Technological Deal." This strategy now serves as the framework for the country's digital transformation.

However, the minister emphasizes that these developments also carry "significant risks, requiring increased vigilance from public authorities and financial institutions." Among these risks, Cheikh Diba cites, in particular: the growth of unregulated shadow banking, excessive volatility in cryptocurrency markets, and the risks of fraud, money laundering, and terrorist financing.

The Minister of Finance also highlighted cyberattacks and operational vulnerabilities, potential threats to monetary sovereignty and financial stability. He believes these challenges call for a collective and coordinated response, based on regional and international cooperation, information sharing, and the continuous adaptation of regulatory frameworks.

"I am pleased to see that African Central Banks, like their counterparts in other regions of the world, have fully grasped the important role that crypto-assets and digital innovations can play in fulfilling their fundamental missions, particularly monetary and financial stability, an essential basis for any economic development," he said.

He affirmed that Senegal actively supports the BCEAO in initiating discussions on developing a regional regulatory framework for crypto-assets. This would harmonize practices, strengthen cross-border oversight, and protect consumers, while also allowing space for the emergence of innovative players in African finance.

He therefore stressed that the discussions held during the conference organized by the BCEAO, particularly on balanced regulatory frameworks capable of reconciling innovation with consumer protection, transaction security and the preservation of confidence in financial institutions, "should make it possible to identify concrete solutions, adapted to the realities of our economies and in line with international best practices."