The Parliament of the Economic Community of West African States (ECOWAS) will hold its delocalized meeting under the theme: “Cryptocurrency as a facilitator of Community trade in West Africa”, from July 6 to 10, 2021 in Ouagadougou, Burkina Faso.
Members of Parliament of the joint committee on Administration, Finance and Budget | Macroeconomic policy and Economic research | Public accounts | Trade, Customs and free movement will lead participation at the delocalized meeting.
According to a statement, the main objective of the meeting in Ougadougou, is to provide the ECOWAS Members of Parliament with an understanding of cryptocurrency and its use in the process of facilitating regional integration.
The meeting will also provides an opportunity for the regional parliamentarians to determine the need and nature of regulation to guard against the misuse of cryptocurrency in the region.
A cryptocurrency is a decentralized digital currency that uses cryptographic algorithms and a protocol called “blockchain” to ensure the reliability and traceability of transactions. The adoption of cryptocurrency is affecting the whole world and is finding more and more users in developing countries and regions.
According to the statement: States are only just beginning to realize the need to protect citizens against misuse and to regulate its use. Therefore, the ECOWAS Parliament, aware of the need to educate citizens on the implications of cryptocurrency, decided to organize this meeting.
During the discussions, high-level experts will expand issues around this virtual currency and provide participants with the knowledge necessary to better understand its use.
The ECOWAS Parliament is made up of 115 seats. For the allocation of seats, each member state is guaranteed a minimum of five seats. The remaining forty seats were distributed in proportion to the population of each country. Based on this distribution, Nigeria has 35 seats, Ghana 8, Ivory Coast 7, Burkina Faso, Guinea, Mali, Niger and Senegal have 6 seats each. The other countries namely Benin, Cape Verde, Gambia, Guinea Bissau, Liberia, Sierra Leone and Togo have 5 seats each.
Michael Olugbode in Abuja
Follow us on:
Indonesia is evacuating 16,000 residents after Mount Lewotobi erupted, resulting in nine deaths and significant…
The Philippines is stockpiling food, evacuating towns, and deploying soldiers in preparation for Typhoon Yinxing,…
Harris has concluded her campaign in Philadelphia while Trump gathers support in Michigan as election…
A Pennsylvania judge has approved Elon Musk's plan to give away $1 million in support…
The Israel Hostages Group has urged for an investigation after a Netanyahu aide allegedly leaked…
Japan has launched LignoSat, the world’s first wooden satellite, to explore timber's potential in sustainable…