Cameroon organizes workshop for the investigation of challenges and risks when using cryptocurrencies - Emerging Markets

The government in Cameroon, which is reported to regulate cryptocurrencies, will hold a workshop that deals with the challenges and risks of using such digital currencies in the country.

spread of fraud

according to a By business in Cameroon, the workshop becomes the 15th November should take place in Yaounde, organized by the Ministry of Post and Telecommunications. At this meeting, the participants are expected to check mechanisms that help the government regulate the cryptocurrency sector.

The Ministry said that the country's lack of regulatory framework that led to the spread of fraudsters caused the government to organize the workshop. The report also revealed that the ministry will not only emphasize the importance of the regulation, but will also try to determine cryptocurrency players who are present in Africa and on the national territory.

In addition, the Ministry will try to use the meeting to estimate the extent to which the services offered by these actors would be used, according to the report.

e-money regulation

according to a Published in December 2020 by Prime Law Office, published in December 2020, Cameroon, which has a very small community of blockchain dealers, has not a single law that regulates cryptocurrencies. According to the report, the only legal framework that regulates digital money is the Ordinance of the Central African Economic and Monetary Community (CEMAC) on the use of electronic money.