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Report: The Central African Republic Requests Regional Central Bank’s Assistance In Crafting Crypto Regulations

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Report: The Central African Republic Requests Regional Central Bank’s Assistance In Crafting Crypto Regulations

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’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the Bank of Central African States.”

Developing a Crypto Regulatory 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 “regulatory framework governing crypto assets” from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group’s statutes.

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.

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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, before this latest report, the CAR had largely ignored the warnings and had proceeded to launch a cryptocurrency known as the Sango coin.

Yet, according to a report in the Business in Cameron, the announcement of the BCAS rapprochement with President Faustin-Archange Touadéra’s government was made after a meeting of the Central African Monetary Union (CAMU)’s ministerial committee on July 21.

The report also added that the BCAS’ Herve Ndoba and the CAR’s Minister of Finance and Budget had both signed the statement that signaled the two parties’ commitment to work together again.

The CAR Committed to a Single Regional Currency

Outlining what the CAR’s reiteration of its commitment to a single currency means, the BCAS document states:

After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community’s 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.

Meanwhile, the Business in Cameron report suggested that the comments by both the BCAS and CAMU signal that cordials have relations with France — the custodian of the regional economic group’s currency, the CFA francs — may have been restored.

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Terence Zimwara

Terence 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: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: 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 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.

Africa

Call For Creation Of Common African Digital Currency, Kenyan Activists Turn To Crypto Funding, Ghana On The Brink

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Call For Creation Of Common African Digital Currency, Kenyan Activists Turn To Crypto Funding, Ghana On The Brink

In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news stories from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency. At the same time, the regional bank warned that the Central African Republic’s bitcoin law is incompatible with regional laws. Meanwhile, Kenyan activists have said cryptocurrencies can potentially create new ways for young people to earn. The latest Visual Capitalist rankings of countries with the highest default risk in 2022 show Ghana as the first ranked in Africa, and second globally.

The Central African Republic’s Bitcoin Law Compels Head of Regional Central Bank to Call for Creation of Common Digital Currency

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating crypto as well.

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As Traditional Funding Dries Up, Kenyan Activists Believe Cryptocurrencies Provide an Alternative Fundraising Channel

According to some Kenya-based activists, raising funds through cryptocurrency and non-fungible token (NFT) sales is not only faster but less costly as well. The activists added that digital currency also has the “potential to create new ways for young people to earn, spend, save and send money.”

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Ghana Is Rated as the African Country Most Likely to Default on Its Debt Obligations

After seeing its inflation rate surge to over 29% in June, Ghana, West Africa’s second-largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt vulnerability rankings have shown. According to the data, Ghana is now ranked first in Africa and placed second globally, just behind the Central American state and first country to make bitcoin legal tender, El Salvador.

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What are your thoughts on this week’s Africa-focused newsletter? Let us know what you think in the comments section below.

Terence Zimwara

Terence 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: Shutterstock, Pixabay, Wiki Commons

Disclaimer: 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 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.

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Bank of Central African States (BCAS)

Head Of African Regional Central Bank Calls For Creation Of Digital Currency

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Head Of African Regional Central Bank Calls For Creation Of Digital Currency

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating cryptocurrencies as well.

Digital Currency to Modernize Payment Structure

In a move seemingly aimed at countering the Central African Republic (CAR)’s recent decision to embrace bitcoin, the head of the BCAS, Herve Ndoba, has reportedly urged the institution’s board to introduce a common digital currency for its six member states. The envisioned digital currency will ostensibly help modernize the region’s payment structure and promote financial inclusion.

According to a Bloomberg report, Ndoba’s call came just days after the BCAS concluded that the CAR’s law adopting bitcoin is “incompatible with the agreements and conventions governing the Central African Monetary Union and the Statutes of the Bank of Central African States.”

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The six countries that are members of the CAMU include Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo, and the CAR.

Regulation of Cryptocurrencies

As previously reported by Bitcoin.com News, the CAR became the first country in Africa and the second in the world to make bitcoin legal tender after its legislature voted to approve the proposal. El Salvador was the first to adopt the cryptocurrency after lawmakers voted overwhelmingly in favor of a bill that made bitcoin legal tender.

Similarly to its Central American counterpart, the CAR’s bitcoin adoption has been criticized by the regional central bank and by the International Monetary Fund (IMF). However, the mounting criticism has not stopped President Faustin-Archange Touadera’s government from proceeding with the launch of the CAR’s own crypto token — the Sango coin.

In addition to the common digital currency, the BCAS head also wants the regional central bank to establish a common legal framework to govern the use of cryptocurrencies, the report said.

Register your email here to get a weekly update on African news sent to your inbox:

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What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence 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: Shutterstock, Pixabay, Wiki Commons

Disclaimer: 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 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.

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