Guinea-Bissau has not released an official statement declaring its position on cryptocurrency and their legal status at the national level. As a member of the West African Economic and Monetary Union, Guinea-Bissau's monetary policy is governed by the Central Bank of West African States headquartered in Dakar, Senegal. The BCEAO governor has stated that Bitcoin and cryptocurrencies are not welcome in WAEMU, emphasizing that cryptocurrencies cannot be controlled and their excessive price volatility threatens economies (1).
The BCEAO has confirmed it has not handled cryptocurrencies since they are not permitted in the zone. The governor stressed that since there is no authority accountable for these currencies, the BCEAO cannot allow their circulation throughout the eight member states including Guinea-Bissau. Several conversations with other central banks yielded no changes in their position regarding cryptocurrency regulation. While earlier reports suggested the BCEAO might introduce the eCFA regional digital currency, the bank rejected these rumors in April 2017 (1).
"The BCEAO says it hasn't handled cryptocurrencies since they're not permitted in the zone. The BCEAO governor stressed that since there is no authority accountable for these currencies, the BCEAO cannot allow their circulation in the region."
Guinea-Bissau successfully launched a blockchain platform in May 2024 designed to revolutionize its public wage bill management, marking one of the first initiatives of its type for Africa. The platform offers a secure transparent digital ledger for managing the public service's wage bill data, enabling almost real-time monitoring of salary and pension payments. This initiative underscores the country's commitment to tackling governance challenges and enhancing public service delivery, though it does not indicate acceptance of private cryptocurrencies (2).
Source:
https://chaintum.io/wp-content/uploads/2023/10/Blockchain-and-Crypto-Regulations-in-BCEAO-1.pdf
https://www.imf.org/en/News/Articles/2024/10/02/cf-guinea-bissau-is-using-blockchain-to-boost-fiscal-transparency
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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