Central African Republic is Planning to Launch a Crypto Regulatory Framework

Central African Republic is Planning to Launch a Crypto Regulatory Framework

The President of the Central African Republic believes that crypto gives a unique opportunity to expand the "economic and technological development" of the country.

The Central African Republic (CAR) is reportedly planning to launch a crypto regulatory framework.

According to the President of the Central African Republic, Faustin-Archange Touadéra, the government has gathered a 15-member committee, which is going to work on drafting a crypto bill.

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It is worth noting that the committee will consist of representatives from five ministries of CAR, including the Ministry of Agriculture and Rural Development, Ministry of Mines and Geology, Ministry of Waters, Forest, Hunting and Fishing, Ministry of Justice, Promotion of Human Rights and Good Governance, and Ministry of Town Planning, Land Reform, Towns, and Housing.

The CAR president believes that cryptocurrencies can be used to eliminate the country’s financial barriers. Moreover, Faustin-Archange Touadéra highlighted that it is crucial to establish a business-friendly environment for crypto-related firms.

In the press release, Faustin-Archange Touadéra stated:

With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.

Moreover, the CAR president believes that crypto gives a "unique opportunity" to expand the "economic and technological development" of the country.

It is reported that the new crypto regulatory bill will overview how cryptocurrencies could operate in the Central African Republic and expand the national economy.

It is worth remembering that, in April, the Central African Republic legalized Bitcoin (BTC) as a legal tender. The country was planning to list its sango coin on various crypto exchanges in 2023.

The Central African Republic is not the only African country planning or already launching a crypto regulatory framework. At the beginning of January, the central bank of the Kingdom of Morocco finished creating a crypto regulatory framework, which will be presented to various stakeholders “in the following days.”

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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