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 industry to free itself from certain financial blockages.
15 experts to write a bill on the use of cryptos
After successfully inserting bitcoin as a legally valid crypto in the Central African Republic, the authorities now want to take a new step. In a press release published on Sunday January 22, the government announced in its decision to pass a law to govern crypto transactions in the country.
The Central African Republic wants through this project make ” 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 crypto value chain.
“With access to cryptos, the monetary barriers existing so far 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.
A further sign of the progress of digital assets on the continent?
The penetration rate of the crypto market is still embryonic on the continent. This situation is partly linked to the limitations of the current system of remittances. This problem seems to find a solution with the development of the crypto industry in Africa.
A few days ago, for example, the Roqqu exchange, based in Nigeria, has obtained authorization to provide crypto services in Europe. For its CEO, Benjamin Onomor, there is no doubt that the crypto market will “to help reduce the costs of transferring funds on a global scale”.
This dynamic, if it meets with enthusiasm from 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 banking rates in the world.
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