The Central African Republic (CAR), a developing country in Central Africa, set up a 15-member committee responsible for drafting bills on the use of cryptocurrencies and tokenization in the region.
According to Faustin-Archange Touadéra, president of CAR, cryptocurrencies have the potential to help remove the country’s financial barriers. They believe in creating a business-friendly environment supported by a legal framework for the use of cryptocurrency. A rough translation of the official press release is:
“With access to cryptocurrencies, the monetary barriers that have existed until now will disappear, 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 includes 15 experts from five CAR ministries – the Ministry of Mining and Geology, the Ministry of Waters, Forests, Hunting and Fisheries, the Ministry of Agriculture and Rural Development, the Ministry of Urban Planning, Land Reform, Urban and Housing and the Ministry of Justice, Promotion of Human Rights and Good Governance.
15 experts #Central Africa from several ministries of my government to the committee responsible for drafting a new bill that is more comprehensive on the use of cryptocurrencies and offers CAR this unique opportunity for economic & technological development. pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadera (@FA_Touadera) January 20, 2023
Through collaboration, the members are tasked with working on a legal framework that will allow cryptocurrencies to operate in the Central African Republic and accelerate the development of the national economy.
related: Bitcoin, Sango Coin and the Central African Republic
Crypto initiatives from the African continent marked another milestone when Nigerian crypto exchange Roqqu obtained a virtual currency license for the European Economic Area after two years of waiting for permission from regulatory authorities.
Roqqu CEO Benjamin Onomor told Cointelegraph that off-shore Africa sent back over $5 billion to relatives, and the current remittance system slows the process.
“It makes a lot of sense to solve this problem by using crypto as a vehicle. Crypto is a faster and cheaper route that can bridge the gap and help reduce the cost of moving money globally. This is the core of the problem we want to solve,” he said.