Central African Republic Asks Regional Central Bank For Help To Craft Crypto Regulations – Bitcoin News From Emerging Markets
A new report has claimed that the Central African Republic, which became the first country in Africa to legalize bitcoin, recently requested the regional central bank’s assistance in developing a regulatory framework for cryptocurrency. The report also said CAR had expressed its “commitment to the common currency and respect for the statutes of the Bank of Central African States.”
Develop a cryptoregulatory framework
After initially clashing with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in developing “the regulations governing crypto-assets ” from the government of Bangui. In a statement, BCAS revealed that CAR had reiterated its commitment to the regional group’s constitution.
By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), CAR is signaling its willingness to end a feud that began after it made bitcoin legal tender.
As previously reported by Bitcoin.com News, the CAR decision has been criticized by its peers in the region. The global lender, the International Monetary Fund (IMF), also warned the country’s leadership against making bitcoin legal tender. However, prior to this latest report, CAR had largely ignored the warnings and had continued to launch a cryptocurrency known as the Sango coin.
However, according to a report in Business in Cameron, the announcement of the BCAS approach to President Faustin-Archange Touadéra’s government was made after a meeting of the Central African Monetary Union (CAMU) Ministerial Committee on 21 July.
The report also added that BCAS’s Herve Ndoba and CAR’s finance and budget minister had both signed the statement signaling the two parties’ commitment to work together again.
CAR committed to a single regional currency
The BCAS document describes what CAR’s reiteration of its commitment to a common currency means:
After examining the implications of the law governing cryptocurrency in the Central African Republic regarding the community’s regulatory architecture in monetary and economic terms, the board welcomed the expression by the CAR of its commitment to the common currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its social obligations.
Meanwhile, the Business in Cameron report suggested that the comments from both BCAS and CAMU signal that cordials relations with France – the guardian of the regional economic group’s currency, the CFA franc – may have been restored.
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