Central African Republic Forms Of The New Committee To Develop Crypto Law

Faustin-Archange Touadrera, President of the Central African Republic. (photo: Twitter @FA_Toudera)

JAKARTA - The Central African Republic, a developing country in Central Africa, formed a committee of 15 people responsible for drafting legislation on the use of cryptocurrencies and tokenizations in the region.

According to Faustin-Archange Touadrera, President of the Central African Republic, cryptocurrencies have the potential to help eradicate the country's financial barriers. He believes in creating a business-friendly environment supported by a legal framework for the use of cryptocurrencies.

15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3

— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023

"With access to cryptocurrencies, existing monetary barriers will be lost until now, the main goal of the steps taken by the government is national economic development," Touadrera said in a release quoted by Cointelegraph.

The committee responsible for drafting crypto laws consists of 15 experts from five Central African Rep ministries, namely the Ministry of Mines and Geology, the Ministry of Waters, Forests, Hunting and Fisheries, the Ministry of Agriculture and Rural Development, the Ministry of Urban Planning, Land Reform, City and Housing and the Ministry of Justice, Promotion of Human Rights and Good Government.

Through collaboration, members are tasked with working on a legal framework that allows cryptocurrencies to operate in the Central African Republic and accelerate the development of the national economy.

Crypto initiatives from the African continent marked another milestone when Nigerian crypto exchange Roqqu obtained a virtual currency license for the European Economic Zone after two years of waiting for permission from regulatory authorities.

Roqqu CEO Benjamin Onom told Cointelegraph that offshore Africans sent back more than $5 billion to their relatives, and the remittance system is currently slowing the process.

It makes very sense to solve this problem by using crypto as its vehicle. Crypto is a faster and cheaper route that can bridge the gap and help reduce costs in moving money globally. This is the core of the problem we want to solve," he added.