Central African Republic is Drafting a Cryptocurrency Bill

Vignesh Karunanidhi
Central African Republic is Drafting a Cryptocurrency Bill
Source: PYMNTS.com

In the Central African Republic, officials are reportedly working on drafting a bill for the use and tokenization of cryptocurrencies in the country. According to the details, a 15-member committee was also set up for the purpose. The country is one of the first in Africa to initially make Bitcoin legal tender. The bill to make Bitcoin a legal tender was passed on April 24, 2022, by the Central African Republic.

Faustin-Archange Touadéra, the president of the country, believes that one of the key factors in eradicating the country’s financial barriers is the use of cryptocurrencies.

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“With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy,” said the translated press release.

Source: Wikipedia

Central African Republic’s president wants to create a business-friendly environment

Touadéra stated the need for the creation of a business-friendly environment. He also stressed the need for it to provide legal regularity for cryptocurrency usage. The president also shared an image of the press release in one of his tweets.

The 15-member committee included experts from five different ministries in the country. This included the ministries of mines and geology, waters and forests, agriculture and rural development, town planning and land reform, and justice, which promotes human rights and good governance.

All the members of the committee will work together to create a legal framework for cryptocurrencies.