{"id":24506,"date":"2022-07-31T10:58:20","date_gmt":"2022-07-31T10:58:20","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24506"},"modified":"2022-07-31T10:58:20","modified_gmt":"2022-07-31T10:58:20","slug":"the-central-african-republic-requests-regional-central-banks-assistance-in-crafting-crypto-regulations-emerging-markets-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24506","title":{"rendered":"The Central African Republic Requests Regional Central Bank’s Assistance in Crafting Crypto Regulations \u2013 Emerging Markets Bitcoin News"},"content":{"rendered":"


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A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank\u2019s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its \u201ccommitment to the single currency and respect for the statutes of the Bank of Central African States.\u201d<\/strong><\/p>\n

Developing a Crypto Regulatory Framework<\/h2>\n

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 \u201cregulatory framework governing crypto assets\u201d from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group\u2019s statutes.<\/p>\n

By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), the CAR may be signaling its willingness to end a feud that started after it made bitcoin legal tender<\/a>.<\/p>\n

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<\/a> the country\u2019s leadership against making bitcoin legal tender. However, before this latest report, the CAR had largely ignored the warnings and had proceeded to launch<\/a> a cryptocurrency known as the Sango coin.<\/p>\n

Yet, according to a report<\/a> in the Business in Cameron, the announcement of the BCAS rapprochement with President Faustin-Archange Touad\u00e9ra\u2019s government was made after a meeting of the Central African Monetary Union (CAMU)\u2019s ministerial committee on July 21.<\/p>\n

The report also added that the BCAS\u2019 Herve Ndoba and the CAR\u2019s Minister of Finance and Budget had both signed the statement that signaled the two parties\u2019 commitment to work together again.<\/p>\n

The CAR Committed to a Single Regional Currency<\/h2>\n

Outlining what the CAR\u2019s reiteration of its commitment to a single currency means, the BCAS document states:<\/p>\n

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After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community\u2019s regulatory architecture in monetary and financial terms, the Board of Directors welcomed the expression by the CAR of its commitment to the single currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments.<\/p>\n<\/blockquote>\n

Meanwhile, the Business in Cameron report suggested that the comments by both the BCAS and CAMU signal that cordials have relations with France \u2014 the custodian of the regional economic group\u2019s currency, the CFA francs \u2014 may have been restored.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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