Central African Republic eyes legal framework for crypto adoption
The Central African Republic (CAR) has set up a 15-member committee responsible for drafting a bill on using cryptocurrencies and tokenization.
By Staff
A 15-person committee has recently been established in the Central African Republic (CAR), to draft legislation on the usage of cryptocurrencies and tokenization in the country.
According to Faustin-Archange Touadéra, the president of CAR, cryptocurrencies can potentially help eradicate the country’s financial barriers. He also believes in creating a business-friendly environment supported by a legal framework for cryptocurrency usage.
A rough translation of the official press release reads:
“With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the Government being the development of the national economy.”
The press briefing also noted that the committee responsible for drafting the crypto bill comprises 15 experts from five ministries of CAR including the Ministry of Mines and Geology, the Ministry of Waters, Forest, Hunting and Fishing, the Ministry of Agriculture ad Rural Development, Ministry of Town Planning, Land Reform, Towns and Housing and Ministry of Justice, Promotion of Human Rights and Good Governance.
Through collaboration, the members are tasked with working on a legal framework that will allow cryptocurrencies to operate in the Central African Republic and expedite the development of the national economy.