Earlier this year, the Central African Republic (CAR) received some backlash from the Financial Institution of Central African States (BCAS) over its decision to make bitcoin legal tender within its jurisdiction. Now, CAR has reportedly requested for the help of the BCAS to create a regulatory framework governing crypto belongings.This might be a sign that CAR has decided to move forward from the former disagreement with BCAS and work together with the regulator to make the best out of the decision it made.
When the Central African state made public its decision to make bitcoin legal tender, the BCAS immediately made it known that it did not support the move. Shortly afterwards, Abede Selassie, the Director of IMF’s Africa Department made a public warning to CAR against legalizing bitcoin in order to cure the country’s economic issues. CAR however went ahead and launched a cryptocurrency known as Sango coin on 3rd of July this year.
Now, according to a Business in Cameron report, Herve Ndoba of BCAS and the Minister of Finance and Budget of CAR have signed the declaration, which was a gesture of commitment towards resumed collaboration.