Monday, September 25, 2023

The Central African Republic is looking forward to the legal framework for the adoption of cryptocurrencies


The Central African Republic (CAR), a developing country in central Africa, has formed a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokens in the region.

According to Faustin-Archange Touadéra, President of the Central African Republic, cryptocurrencies can help eliminate financial barriers in the country. He believed in creating a business-friendly environment supported by a legal framework for the use of cryptocurrencies. A rough translation of the official press release reads:

“With access to cryptocurrencies, the monetary barriers that existed until now will disappear, and the main goal of the measures adopted by the government is the development of the national economy.”

The committee responsible for drafting the cryptocurrency bill is composed of 15 experts from five CAR ministries – the Ministry of Mines and Geology, the Ministry of Water, Forests, Hunting and Fishing, the Ministry of Agriculture and Rural Development and the Ministry of Town Planning, Land Reform, Cities and Towns. Housing, the Ministry of Justice and the promotion of human rights and good governance.

Through the collaboration, members are tasked with working on a legal framework that will allow cryptocurrencies to operate in CAR and accelerate the development of the national economy.

Related: Bitcoin, Sango Coin, and the Central African Republic

Crypto initiatives from the African continent marked another milestone as Nigerian cryptocurrency exchange Roqqu was awarded a virtual currency license for the European Economic Area after two years of waiting for permission from regulatory authorities.

Roqqu CEO Benjamin Onomur told Cointelegraph that Africans abroad send more than $5 billion home to their relatives, and that the current remittance system is slowing the process.

“It makes a lot of sense to solve this problem with cryptocurrency as a medium. Crypto is a faster and cheaper way that can bridge the gap and help reduce fees in moving money globally. This is the crux of the problem we want to solve.”