Central African Republic Launches Crypto and Tokenization Committee

A team of 15 people has been entrusted to create a legal structure that will permit crypto assets to be used in the Central African Republic, in order to promote economic growth in the region.

Faustin-Archange Touadéra, the president of the Central African Republic (CAR), believes that cryptocurrency may be able to help remove the financial hurdles in the country. He is looking to promote a business-oriented environment that is also backed up by laws concerning cryptocurrency usage. An interpretation of the official statement reads: Cryptocurrency can be used as a tool to get rid of existing monetary limitations, and the government's top priority in regard to this is to aid the development of the national economy.

The crypto bill is being drafted by a committee made up of 15 specialists from five ministries of CAR: the Ministry of Mines and Geology, the Ministry of Waters, Forest, Hunting and Fishing, the Ministry of Agriculture and Rural Development, the Ministry of Town Planning, Land Reform, Towns and Housing and the Ministry of Justice, Promotion of Human Rights and Good Governance.

The members of the team are joining forces to create a legal system that will enable cryptocurrencies to be used in the Central African Republic and boost the growth of the country's economy.

The African continent achieved another significant accomplishment as Roqqu, a Nigerian cryptocurrency exchange, was granted a virtual currency permit from the European Economic Area after a two-year period of awaiting acceptance from governing bodies.

Benjamin Onomor, the CEO of Roqqu, pointed out that Africans living abroad send over $5 billion back to their relatives, and the existing remittance system hinders the speed of the process. He went on to say that crypto could be the ideal way to resolve this issue, as it is more time-efficient and cost-effective. Utilizing crypto in this context could decrease fees associated with international money transmission and bridge the gap, he concluded.