The Central African Republic (CAR), a developing country in Central Africa, has established a 15-member committee responsible for drafting legislation on the use and tokenization of cryptocurrencies in the region.
According to CAR President Faustin-Archange Touadéra, cryptocurrencies could help eradicate financial barriers in the country. He believed in creating a business-friendly environment supported by a legal framework for the use of cryptocurrencies. Here is a rough translation of the official press release:
“With access to cryptocurrencies, the financial barriers that have hitherto existed have disappeared, and the main objective of the measures adopted by the government is the development of the national economy.”
The committee responsible for drafting the Crypto Bill is composed of 15 members of CAR’s five ministries (Ministry of Mines and Geology, Ministry of Water Resources, Forestry, Hunting and Fisheries, Ministry of Agriculture and Rural Development, Urban Planning, Land Reform, Towns and Provinces). It is made up of human experts. Ministry of Housing and Justice, promoting human rights and good governance.
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d’élaborer un nouveau projet de loi plus complet sur l’utilisation des crypto-monnaies et d’offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023
Through collaboration, members are tasked with working on a legal framework that will allow cryptocurrencies to function in the Central African Republic and facilitate the development of the national economy.
Related: Bitcoin, Coralcoin, Central African Republic
Cryptocurrency initiatives from the African continent have scored another milestone as Nigerian crypto exchange Roqqu obtained a cryptocurrency license in the European Economic Area after waiting two years for regulatory approval.
Roqqu CEO Benjamin Onomor told Cointelegraph that Africans offshore have sent more than $5 billion to relatives, and the current remittance system slows the process.
“Using cryptocurrencies as a vehicle to solve this problem makes a lot of sense. Cryptocurrencies can help bridge the gap and reduce fees when moving money around the world. , is a faster and cheaper route. This is the crux of the problem we want to solve,” he added.