The Central African Republic (CAR), a developing country in Central Africa, has created a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the region.
According to Faustin-Archange Touadéra, president of CAR, cryptocurrencies can potentially 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. A rough translation of the official press release reads:
“With access to cryptocurrencies, the monetary barriers that have existed until now will disappear, with the development of the national economy being the main objective of the measures adopted by the government.”
The committee responsible for drafting the crypto bill is made up of 15 experts from five ministries of the Central African Republic: Ministry of Mines and Geology, Ministry of Water, Forestry, Hunting and Fisheries, Ministry of Agriculture and Rural Development, Ministry of Urbanism, Reform Agrarian, Cities and Housing and Ministry of Justice, Promotion of Human Rights and Good Governance.
15 experts #centralafrica issus de plusieurs ministères de mon gouvernement compose 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 unique opportunity de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadera (@FA_Touadera) January 20, 2023
Through the 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 Africans abroad send more than $5 billion to their relatives, and the current remittance system slows down the process.
“It makes a lot of sense to solve this problem using crypto as a vehicle. Crypto is a faster and cheaper route that can bridge the gap and help reduce fees on the movement of money globally. This is the core of the problem that we want to solve,” she added.