Central African Republic Requests Regional Central Bank Help in Drafting Crypto Regulations – Bitcoin News for Emerging Markets

A new report claims that the Central African Republic, which became the first country in Africa to offer legal tender for bitcoin, recently requested the help of the regional central bank in developing a regulatory framework for cryptocurrency. The report also stated that the Central African Republic had expressed “its commitment to the single currency and respect for the statutes of the Bank of Central African States”.

Develop a regulatory framework for coding

After initially quarreling with the Central African Republic (CAR) over its decision to file a legal tender for bitcoin, the Bank of Central African States (BCAS) recently claimed to have received a request to help develop a “regulatory framework governing crypto assets” from the government in Bangui. In a statement, BCAS revealed that the Central African Republic has reiterated its commitment to the statutes of the regional group.

By sending this request for assistance to BCAS, which serves six countries that make up the Central African Economic and Monetary Community (EMCCA), the Central African Republic may signal its desire to end a dispute that began after it submitted a legal tender for bitcoin.

As previously reported by Bitcoin.com News, CAR’s decision has been criticized by peers in the region. The global lender, the International Monetary Fund (IMF) has also warned the country’s leadership against legal tender for bitcoin. However, prior to this latest report, the Central African Republic largely ignored the warnings and proceeded to launch a cryptocurrency known as Sango Currency.

However, according to Report In the works in Cameron, the rapprochement between the BCAS and the government of President Faustin-Archange Touadéra was announced after the meeting of the Ministerial Committee of the Central African Monetary Union (CAMU) on July 21.

The report also added that Hervé Nedoba from BCAS and the Minister of Finance and Budget of the Central African Republic signed the statement indicating the two parties’ commitment to work together again.

The Central African Republic adheres to a single regional currency

The BCAS document explains what it means for the Central African Republic to reaffirm its commitment to a single currency:

After examining the implications of the law governing cryptocurrency in the Central African Republic in relation to the organizational structure of the community in monetary and financial terms, the Board of Directors welcomed the expression of the Central African Republic’s commitment to the single currency and its respect for the Bank’s Articles of Association. Central African countries, the texts governing the monetary union and its societal obligations.

Meanwhile, the Business in Cameron report notes that comments from both BCAS and CAMU indicate that friendly relations with France – the custodian of the REC’s currency, the CFA franc – may have been restored.

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

photo credits: Shutterstock, Pixabay, Wikicommons

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