The CAR constituted the committee to take a move ahead to making the country a crypto hub.
The Central African Republic (CAR) has taken a big step forward to regulate the crypto industry in the country by appointing a 15-member committee to draft a regulatory bill on the use of crypto. The President of CAR, Faustin-Archange Touadéra, posted a tweet with an attached photograph of the official press release of the order.
Touadéra believes in crypto’s potential to help the CAR become a business-friendly region, supported by a regulatory environment for crypto. A translated part of the official press release stated, “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 committee members were picked from five ministries of the CAR. Through active engagement and cooperation, the members were asked to constitute a framework that would allow cryptos to operate in the CAR under legal scrutiny.
Africa has made significant progress in crypto adoption as several positive developments for the industry have occurred in the continent in the recent past. A prominent crypto exchange from Nigeria successfully procured a license after two years to operate in the European Economic Area. Representatives of the exchange believed that the problem of a slow remittance system could be solved by crypto.