Crypto

After adopting Bitcoin (BTC), the Central African Republic is still betting on cryptocurrencies.

A government press release indicates that with the legal recognition of Bitcoin (BTC) on April 22, 2022, it is time to make room for regulation. However, don’t panic: the Central African Republic is embracing the challenges and opportunities that cryptocurrencies offer. Moreover, they allow you to do without banking institutions in a country where the banking rate is very low. As a consequence of this observation, if there is regulation, then it should not slow down the promotion of cryptocurrencies in the territory, but rather encourage it!

bitcoin

Central African Republic Accepts Bitcoin as Legal Tender

Natalie E. – April 27, 2022 – 7:00 pm

Following El Salvador, the Central African Republic has just formally adopted […]

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Favorable regulatory framework?

For the reasons mentioned above, the Government of the Central African Republic wishes to assure you. The regulation of cryptocurrencies in preparation should be flexible. In particular, the bill should lay the foundation for the use and tokenization of cryptocurrencies in the country.

It should be noted that the project is promoted by the current president Faustin-Archange Touadera, who believes that “one of the key factors in eliminating financial barriers in the country is the use of cryptocurrencies. »

“With access to cryptocurrencies, the financial barriers that have existed so far will disappear, the main goal of the measures taken by the government is to develop the national economy. »

Government press release.

For this, a commission of 15 people was appointed. They were a priori selected from five ministries of the Central African Republic (mining and geology, water and forestry, agriculture, rural development, urban planning and land reform, justice). But the name is not given.

In any case, all persons working on the project will have to agree to find the right balance: a clear legal framework, in particular on the use of cryptocurrencies by individuals, and “business-friendly”. The issue of risks, so dear to our Western politicians, was surprisingly not raised within the framework of this bill. But we suspect it will end well on the table.

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