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Central African Republic creates task force to draft crypto bill

News
Central African Republic creates task force to draft crypto bill

The Central African Republic (CAR) government has given a 15-member team the task of drafting a crypto bill. The crypto committee is required to develop a legal structure and an ecosystem model for its citizens’ utilization of cryptocurrencies and other tokens.

Crypto can help solve the country’s financial problems, CAR President denotes

Faustin-Archange Touadera, the president of CAR, believes crypto can potentially transform the country’s economy. Toudera says access to cryptocurrencies will eliminate monetary barriers crippling the nation’s economy. He also stated that the crypto bill would offer CAR an exceptional opportunity to develop its economy and technology. 

The president revealed he would lead the 15-member expert team in several sectors of CAR in structuring the bill through a tweet posted on Friday. The other seasoned members would be derived from five CAR ministries, including the Ministry of Waters, Forest, Hunting, and Fishing and the Ministry of Mines and Geology.

CAR has been at the forefront of crypto integration in Africa

The Central African Republic has been spearheading the utilization of crypto and even tokenization of the regional economy for a while now. 

The country is a replica of El Salvador. In April 2022, CAR adopted bitcoin as a legal tender, following the steps of the Nayib Bukele-led government, after passing the “bitcoin law”.

This adoption was just one of the several plans Toudera had in a bid to develop CAR’s economy. Others included the listing of Sango Coin token on crypto exchanges scheduled for early this year and the tokenization of the nation’s mineral resources.

The tokenization began in June 2022. Minerals, including gold, copper, diamond, graphite, iron, limestone, and kaolin, among others, were tokenized.

The introduction of the country’s CBDC may transform its economy. Even with poor market conditions, the demand and need for crypto assets still rise in Africa.