The Central African Republic is the second country, after El Salvador, to have formalized a crypto (bitcoin) as legal tender. Despite the wave of reactions that this choice has aroused, the country does not intend to stop there. The government is counting on the emergence of the sector to free itself from some financial blocks.
15 experts to write a bill on the use of cryptocurrencies
After successfully entering bitcoin as a legally valid crypto in the Central African Republic, the authorities now want to take a new step. In a press release released on Sunday, January 22, the government announced its decision to pass a law to regulate crypto transactions in the country.
The Central African Republic wants to pass this project Do ” to disappear “ financial barriers that prevent the growth of the national economy. The country relies on this policy to put in place an attractive legal framework for investors, but also for the entire cryptocurrency value chain.
“With the access to crypto, 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 government said.
To achieve this as quickly as possible, a committee of 15 experts from five ministries will draft a bill. The text will then be sent to the Central African Parliament for adoption.
Another sign of the progress of digital assets on the continent?
The penetration rate of the cryptocurrency market is still embryonic on the continent. This situation is partly related to the limitations of the current remittance system. This problem seems to find a solution with the development of the cryptocurrency industry in Africa.
A few days ago, for example, the Nigeria-based Roqqu exchange obtained authorization to provide crypto services in Europe. For its CEO, Benjamin Onomor, there is no doubt that the cryptocurrency market will “to help reduce the cost of transferring funds on a global scale.”
This dynamic, if it meets the enthusiasm of other African countries, in addition to the Central African Republic and Nigeria, should significantly benefit the region. Even today it has one of the lowest bank rates in the world.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to convey information related to this ecosystem with my pen.