The Central Bank of the Republic of Guinea does not recognize cryptocurrencies as legal tender in principle. While Guinea has not enacted specific legislation banning cryptocurrency use, the BCRG maintains that digital currencies lack official status within the country's financial system. Companies holding banking licenses can offer various financial services including electronic money distribution without requiring additional central bank licenses, though cryptocurrencies remain outside this framework (1).
Guinea's financial infrastructure is developing to accommodate broader fintech services, illustrated by growing interest from traditional operators including telecoms, banks, startups, and new market entrants. However, access to reliable internet connectivity services remains expensive for most Guineans despite good network coverage across the national territory. The provision and management of payment methods by service providers other than credit institutions may be authorized on a limited basis under regulations established by the Approval Committee (1).
"Companies holding banking licenses can offer almost any type of financial service, including electronic money distribution, without needing to apply for an additional license from the central bank."
The Central Bank of the Republic of Guinea is actively working to establish its own digital currency to facilitate mobile phone and electronic card transactions without requiring Electronic Payment Terminals. This planned digital currency would enable purchases, money transfers, and peer-to-peer payments, allowing economic agents to make convenient and secure daily transactions. The BCRG emphasizes speed advantages since the system would not require interbank settlement, making it available twenty-four hours daily and seven days weekly (2).
Source:
https://lexafrica.com/2022/09/digital-currencies-and-services-gaining-momentum-across-the-continent/
https://orishas-finance.com/index.php/actualite/guinee-la-banque-centrale-s-attele-pour-la-creation-d-une-monnaie-digitale-0cee6e8e?lang=en
Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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