Cameroon: employers refrain from institutionalizing cryptocurrencies

The Cameroon Inter-Patron Group (GICAM) has calculated that the legal position of virtual currency in the world is still to be improved, and the decision to legalize it is not without serious consequences, as we learned on Saturday from a note from the information from GICAM.

Compared to traditional money, cryptocurrency is certainly protected from unauthorized access, indestructible and transparent, but it has disadvantages in the form of its energy intensity, volatility, limitation of the number of transactions per unit of time, vulnerability to money laundering. and crime, according to the same source.

Therefore, GICAM has called for regulatory and operational facilitation measures to make crypto a tool for economic and social development.

We note that this reaction from GICAM comes at a time when the Banking Commission of the Central African Republic (COBAC) has just banned the relevant institutions and their technical partners in the context of payment services from exchanging or converting, settling or hedging in foreign currencies or in Transactions during CFA francs relating to or related to cryptocurrencies.


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