Central African Republic seeks assistance from Regional Central Banks in formation of crypto regulations

By: Michael Wilson

Central African Republic seeks assistance from Regional Central Banks in formation of crypto regulations

August 1, 2022 2:35 PM

The Central African Republic, became the first country in Africa to make bitcoin legal tender. a new report shows that the country recently requested the regional central bank’s assistance in crafting a cryptocurrency regulatory framework.

 

Meanwhile, according to the report, the CAR had expressed its “commitment to the single currency and respect for the statutes of BCAS.”

 

Developing a Crypto Regulatory Framework

 

The Central African Republic (CAR) had initially classed with the BCAS over its decision to make bitcoin a legal tender in the country, Nonetheless, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in crafting the “regulatory framework governing crypto assets” from the CAR government, while also revealing that the CAR had reiterated its commitment to the regional group’s statutes.

 

With the CAR's latest request for assistance to the BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), the Central African Republic may be pushing to end a feud that started after it chose to become the first African nation to make bitcoin legal tender.

 

As previously reported by Coinnewsafrica, the CAR decision has been criticized by its peers in the region. Global lender, the International Monetary Fund (IMF) also warned the country’s leadership against making bitcoin a legal tender. However,  the CAR had largely ignored the warnings and had proceeded to launch a crypto hub known as Sango and as recently reported just launched the token sale of the Sango coin with over 13 Million token sold in the first 7 days.