Cameroon’s government, who is apparently keen to regulate cryptocurrencies in their country, will hold a workshop which will examine the potential risks and difficulties of such currencies within the country.
Escalation of Scams
Business in Cameroon reports that the Ministry of Posts and Telecommunications is organizing the workshop. It is scheduled to take place in Yaounde on November 15. Participants are expected to discuss mechanisms to help government regulate cryptocurrency.
The ministry said the country’s lack of a regulatory framework, which has led to the proliferation of scams, had prompted the government to organize the workshop. It was also reported that the ministry would not only emphasize the need for regulation, but also seek out crypto-operators in Africa and the country.
The report also explained that the ministry would use this meeting to determine the extent of these services are being used.
Electronic Money Regulation
Prime Law Office published a December 2020 report that Cameroon has no single law that regulates crypto currency. According to the report the only regulatory framework for digital money is the Central African Economic and Monetary Community’s (CEMAC), regulation of the use and transfer of electronic currency.
However, the law does not regulate cryptocurrency transactions. Cameroon’s government appears to have taken action because of the lack of laws specifically governing cryptocurrency use.
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