The group comprises highly qualified professionals drawn from five government departments in CAR.
The Central African Republic (CAR) has stepped up efforts to stimulate its economy by creating a comprehensive legal framework for crypto currencies. These efforts are part of a broader push to improve the country's infrastructure. In light of this, the nation has established a 15-person committee responsible for drafting the crypto currency bill.
Using Crypto to Overcome Financial Challenges
The President, Faustin-Archange Touadéra, is quoted as saying (1) in a news release that the benefits that crypto currencies provide to the country's economy are so significant that they cannot be overstated.
He stated that even though it has several advantages, there is still a requirement for a system that would govern how it is used. A portion of the following can be found in the news release's translated version:
"With crypto exposure, the monetary restrictions that have existed up to this point in time would dissolve, with the fundamental purpose of the actions implemented by the government being the growth of the national economy."
During this time, the top specialists from around five government departments in the Central African Republic are represented in the 15-person group. They are :
- The Ministry of Waters, Forest, Hunting and Fishing;
- The Ministry of Mines and Geology;
- The Ministry of Town Planning, Land Reform, Towns and Housing;
- The Ministry of Rural Development; and
- The Ministry of Justice, Promotion of Human Rights and Good Governance.
However, the meticulous approach that CAR is taking by using the best hands it can get its hands on is evidence that it intends to leave nothing to chance concerning the crypto law.
Crypto Scene in Africa
On the African continent, it is important to note that both legislative frameworks and investor interest in crypto currency have gradually risen over the past several years. In this way, CAR is a significant force to be reckoned with.
Recall that the country in central Africa was the first on the African continent to acknowledge bitcoin as a legitimate currency. However, in recent years, many other nations have started to replicate its success, and therefore, more widespread adoption may be only getting started.
In the meantime, a crypto currency exchange based in Nigeria known as Roqqu recently made a significant advancement by obtaining a license to trade virtual currencies within the European Economic Area (EEA). Although it took two years, this is a significant event and another landmark for accepting cryptocurrencies in Africa.
Benjamin Onomor, CEO of Roqqu, stated that Africans living in other countries contribute over $5 billion to their home countries yearly. However, the existing dispute resolution methods are not promising because they are often sluggish and might take several days at a time.
This is the problem that Roqqu hopes to fix via crypto currency, which provides a way to move money around the world more quickly and more cost-effective.