The Central Bank of West African States (BCEAO) has not yet established a regulatory framework for cryptocurrency and digital assets, despite outlining its initial approach to the sector two months ago.
The delay leaves financial institutions and investors in the eight-nation West African Economic and Monetary Union without clear guidelines on how to handle digital currency operations.
Speaking to reporters in Dakar on July 22, BCEAO officials indicated that the central bank is proceeding with caution.
The absence of a formal rulebook means that the legal status of crypto assets remains ambiguous across the region, which includes countries such as Senegal, Ivory Coast, and Togo.
This regulatory uncertainty contrasts with other emerging markets that have moved more quickly to define the boundaries for digital asset trading and custody.
The hesitation comes as global sentiment toward cryptocurrencies has cooled, with Bitcoin retreating from recent highs and major digital assets trading largely flat.