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The committee is made up of top experts from about five government ministries in CAR.
The Central African Republic (CAR) has intensified efforts to boost its economy by developing a robust regulatory framework for cryptocurrencies. In line with this, the developing nation has set up a 15-member committee that will draft the said crypto bill.
Central African Republic Seeks to Use Crypto to Break Financial Barriers
According to a press release issued by the president of CAR, Faustin-Archange Touadéra, cryptocurrencies provide such great benefits to the country’s economy than can be overemphasized. However, not minding its benefits, there is a need for a framework to regulate its usage, he said. A part of the translated version of the 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.”
Meanwhile, the 15-member committee is made up of top experts from about five government ministries in CAR. They are the Ministry of Agriculture and Rural Development, Ministry of Mines and Geology, Ministry of Town Planning, Land Reform, Towns and Housing, Ministry of Waters, Forest, Hunting and Fishing, and Ministry of Justice, Promotion of Human Rights and Good Governance.
The detailed approach of CAR in employing the best hands it can lay hold of, however, highlights its intention to take no chances with the crypto bill.
Crypto Adoption in Africa
It is worth noting that regulatory frameworks as well as investor interest in crypto have been steadily rising in the African continent. And CAR is a major player in this regard. Recall that the central African nation was the first to adopt Bitcoin as a legal tender in the continent. Now, however, many other nations are beginning to follow in its footsteps. Therefore, more massive adoption may just be underway.
Meanwhile, a Nigerian crypto exchange, Roqqu also recently scored a major point by acquiring a virtual currency license to operate in the European Economic Area (EEA). Although it had to wait two years, it is a big deal and another milestone for crypto adoption in Africa.
According to Roqqu CEO Benjamin Onomor, Africans abroad send over $5 billion back home annually. However, current settlement systems are not encouraging in that they are usually slow and sometimes take days. This issue is what Roqqu is hoping to solve with crypto – a faster and more affordable route to move money globally.