Central African Republic appoints committee to shape crypto legislation

Central African Republic appoints committee to shape crypto legislation

One of the poorest countries – the Central African Republic (CAR) – has formed a team of 15 authorities whose task will be to draft a “comprehensive” cryptocurrency law.

The nation made headlines last year, becoming the second after El Salvador to accept Bitcoin as legal tender.

Another crypto move

Faustin-Archange Touadéra – President of the Central African Republic (CAR) – announced that the government has set up a committee of 15 experts to draft an appropriate regulatory framework for cryptocurrencies. The bill was intended to promote the development of the digital asset industry and potentially support the stymied local economy.

15 experts #centralAfricains Issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer a new project de loi plus complete sur l'utilisation of crypto-monnaies and d'offrir à la RCA this opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3

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

Some departments tasked with drafting the legislation include the Ministry of Mining and Geology, the Ministry of Agriculture and Rural Development, the Ministry of Water, Forestry, Hunting and Fisheries, and others.

The Central African Republic is one of the poorest countries in the world with a GDP of around 2.5 billion US dollars and a per capita GNI of 980 US dollars. President Touadéra expressed hopes that the upcoming transition into the world of cryptography could solve some of the financial problems:

“With access to cryptocurrencies, the monetary barriers that previously existed will disappear, with the main aim of the measures taken by the government being the development of the national economy.”

Following the example of El Salvador

CAR became the second country in the world to adopt Bitcoin as an official payment method in April last year. El Salvador became the first country to adopt cryptocurrency as legal tender in September 2021.

Central African Republic authorities suggested that adoption could promote financial recovery and improve the well-being of residents.

President Touadéra has shown himself to be an enthusiastic supporter of the primary digital asset, calling it “universal money.”

He also advised locals to recognize the merits of BTC, which could help them create long-term prosperity at a time of rising inflation, global military conflicts and economic crises around the world:

"Understanding Bitcoin is critical to recognizing its disruptive power to bring long-term prosperity. Mathematics does not take human emotions into account. Future generations will look back on our strength and unity in these very moments in choosing the right path in difficult times."

.