BEAC requested the Central African Republic to develop a regulatory framework governing crypto-assets

The Bank of Central African States (CBCA) has indicated that the Central African Republic (CAR) has requested its assistance in developing a regulatory framework governing crypto assets in the African region, according to a statement received by Xinhua. on Thursday.

In a press release issued at the end of the extraordinary session in Douala, the BEAC indicated that it “took note of the request”, which also concerns other competent bodies of the Economic and Monetary Community of Central Africa (CEMAC).

According to the same source, the BEAC welcomed the CAR’s announcement of its commitment to the single currency and respect for the Bank’s charter, texts governing the Central African Monetary Union (UMAC), and its commitment to the community.

Last May, the CAR unilaterally announced the use of cryptocurrencies at the local level without prior consultation with other CEMAC member states such as Cameroon, Congo, Gabon, Equatorial Guinea and Chad.

This practice of the CAR has caused outrage in the regulators of the zone, the BEAC believes that the “Central African law regulating cryptocurrency has a negative impact on the legal unity” of UMAC members and criticizes the creation of a currency outside the control of the BEAC, which could “endanger the monetary stability” of the sub-region .

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