Central African Republic to develop a legal framework for cryptocurrencies

Central African Republic to develop a legal framework for cryptocurrencies
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Economy

Central African Republic to develop a legal framework for cryptocurrencies

The Central African Republic has begun developing a legal framework to govern the usage of cryptocurrencies.

04/27/2022

According to Finance Minister Herve Ndoba, the Central African Republic has begun developing a legal framework to govern the usage of cryptocurrencies.

Last week, lawmakers approved recommendations that included the establishment of a regulatory agency to oversee digital currencies.

Legal Framework for Cryptocurrency

According to Ndoba in a phone interview from Washington, D.C. The legislation being enacted aims to facilitate the usage of cryptocurrencies in the economy, he said.

“There’s a popular narrative that Sub-Saharan African countries are frequently one step behind when it comes to adopting new technology,” Ndoba explained. “We can declare that our country is one step ahead this time.”

Ndoba said the proposed legislation isn’t an attempt to follow the lead of El Salvador, which in September became the first country to introduce Bitcoin as legal tender.

The Central African Republic, which has gold and diamond reserves, is yet one of the world’s poorest countries.

Years of violent war and a political crisis that engulfed the country in the run-up to presidential elections in December 2020 have had a devastating impact on the economy and harmed ties with the country’s international partners, causing delays in the transfer of vital aid.

According to DataReportal, an online data platform, Internet penetration in the landlocked country is around 11% of the 5 million inhabitants.

By Elah Mae Ariate Wozinga Staff

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