CAR to develop regulatory framework for the legalisation of cryptocurrencies

Authorities of the Central African Republic (CAR) will develop a legal framework to legalise digital assets and accelerate the development of the national economy. This was stated by CAR President Faustin-Archange Touadéra.

15 experts from several ministries of my government form the committee charged with developing a more comprehensive bill on the use of cryptocurrencies and offering the CAR this unique opportunity for economic and technological development pic.twitter.com/bZTS8HQxH3

— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023

As part of the initiative, a dedicated committee has been established to draft the bill on the use of cryptocurrencies and tokenisation in the country. It comprises 15 specialists from five CAR ministries.

“With access to cryptocurrencies, the monetary barriers that have existed thus far will disappear. The main aim of the measures taken by the government is to develop the national economy,” wrote Touadéra.

In April 2022, the CAR recognised the first cryptocurrency as a payment instrument on a par with the local franc and became the second country in the world to legalise Bitcoin.

In July authorities launched the national digital currency Sango Coin. In December the CAR postponed the listing of SANGO to the first quarter of 2023, “due to prevailing market conditions and other marketing reasons”.

In November the International Monetary Fund urged African countries to tighten cryptocurrency regulation to strengthen consumer protections.

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