The concern towards cryptocurrencies was shown in a parliamentary meeting of the joint committees of the Economic Community of West African States (ECOWAS) in Ouagadougou, Burkina Faso. The member said that the decline in the price of bitcoin was a reminder that cryptocurrencies are not safe-haven assets. The region has mixed experience with crypto assets. ECOWAS also stated that digital currencies can be refused as payment without the necessary legal protections normally afforded to government-issued fiat.