logo

Central African Republic(CAR) sets up 15-member committee to draft crypto bill

Central African Republic sets up 15-member committee to draft cryptocurrency bill

TL;DR Breakdown

  • The Central African Republic’s fifteen-member committee is diligently working to create a legislative framework that will allow cryptocurrencies to be utilized in the nation, thus aiding and accelerating economic growth.
  • The country’s crypto bill has been crafted by a 15-person committee representing five key ministries.

The Central African Republic (CAR), a growing nation in the heart of Africa, has created a committee composed of 15 members to develop and pass legislation regarding the utilization of cryptocurrencies and tokenization within its borders.

Faustin-Archange Touadéra, the President of CAR, strongly trusts cryptocurrencies’ ability to bridge financial divides. He plans on establishing an encouraging business atmosphere backed by a legal structure for cryptocurrency use. In an official press release, he stated:

By having access to digital currencies, all previous money limitations will vanish. The government is determined that this step will boost national economic growth.

Faustin-Archange Touadéra

The country’s crypto bill has been crafted by a 15-person committee representing five key ministries: the Ministry of Mines and Geology, the Ministry of Waters, Forest, Hunting and Fishing, the Ministry of Agriculture and Rural Development, the Ministry of Town Planning, Land Reform Towns and Housing, as well as the Justice Promotion/Human Rights & Good Governance ministry.

Through creative cooperation, the members will have to devise a legal system that will permit cryptocurrencies to be used in the Central African Republic and expedite financial advancement within the country.

African crypto platforms have achieved another monumental success, as Nigerian cryptocurrency exchange Roqqu has finally earned its virtual currency license for the European Economic Area after two long years of seeking approval from regulatory bodies.

Benjamin Onomor, Chief Executive Officer of Roqqu, stated that over $5 billion is sent back to relatives residing in Africa from offshore locals yearly; however, the current remittance system hinders this process.

Utilizing cryptocurrency as the primary tool to resolve this issue is an obvious choice, given its speed and affordability when transferring funds overseas. That’s why we chose it – in hopes of decreasing costs and connecting the gap between different parts of the world

Benjamin Onomor

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space.

Related News

Hot Stories

Dogecoin whales transfer over 500M DOGE to unknown wallets
OKB, Tron, and Avalanche Cannot Match BudBlockz's Impressive Presale Performance
11th Global Blockchain Congress by Agora Group on March 6th & 7th in Dubai, the UAE
Things to Consider Before Buying Crypto In 2023 [A Must Read]
Litecoin price analysis: LTC goes up to $90.93, finds rejection at $92.53

Follow Us

Industry News

Dogecoin whales transfer over 500M DOGE to unknown wallets
Vitalik Buterin points the crypto community to a privacy solution for Ethereum
Pi Network founder discusses human verifcation through AI; introduces native KYC solution for crypto community
Weekly crypto price analysis 23rd Jan: BTC, ETH, XRP, BNB, ADA, DOGE
JP Morgan says Ethereum's Shangai Update may bring opportunities to Coinbase

Add Your Heading Text Here