The Central African Republic Requests Regional Central Bank’s Assistance in Crafting Crypto Regulations – Emerging Markets Bitcoin News

A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the Bank of Central African States.”

Developing a Crypto Regulatory Framework

After initially clashing with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in developing the “regulatory framework governing crypto assets” from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group’s statutes.

The CAR could be sending this request to BCAS for assistance, which services six countries of the Economic and Monetary Community of Central Africa. This may signal its desire to end the feud it started when bitcoin became legal tender.

Bitcoin.com News reported that the decision to cancel the CAR was criticized by other regional peers. The global lender, the International Monetary Fund (IMF) also warned the country’s leadership against making bitcoin legal tender. The CAR, however, had ignored these warnings for a long time and launched a cryptocurrency called the Sango coin before the latest report.

Yet, according to a report in the Business in Cameron, the announcement of the BCAS rapprochement with President Faustin-Archange Touadéra’s government was made after a meeting of the Central African Monetary Union (CAMU)’s ministerial committee on July 21.

The report also added that the BCAS’ Herve Ndoba and the CAR’s Minister of Finance and Budget had both signed the statement that signaled the two parties’ commitment to work together again.

The CAR is Committed to One Regional Currency

Outlining what the CAR’s reiteration of its commitment to a single currency means, the BCAS document states:

After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community’s regulatory architecture in monetary and financial terms, the Board of Directors welcomed the expression by the CAR of its commitment to the single currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments.

Meanwhile, the Business in Cameron report suggested that the comments by both the BCAS and CAMU signal that cordials have relations with France — the custodian of the regional economic group’s currency, the CFA francs — may have been restored.

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Terence Zimwara

Terence Zimwara was a Zimbabwe-award winning journalist, author and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.