Following yesterday’s cryptocurrency approval as legal tender by the country, The Central African Republic has now created a legal framework to regulate the use of cryptocurrency. According to the Finance Minister, Herve Ndoba, lawmakers adopted proposals including the creation of a regulatory body that will oversee digital currencies in the country.
“The legislation that is being put in place aims to facilitate the use of cryptocurrencies in the economy.” He emphasized.
“There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology. This time, we can actually say that our country is one step ahead.” Ndoba said.
The Finance Minister also highlighted that the proposed legislation is not an attempt to follow El Salvador’s lead.
The Central African Republic has gold and diamond reserves but remains one of the world’s poorest countries. Additionally, years of political conflicts and crises have had a severe impact on the economy and damaged relationships so lawmakers believe this is the right move to accelerate the country’s economic development.