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
