The Central African Republic will draft a new law on the use of cryptocurrencies to make it a “more inclusive” project, the country’s president Faustin Arkjan Touadella has confirmed. .
For this reason, the President confirmed through social networks, in French, the formation of a commission responsible for the preparation of the initiative. At its head are 15 officials from various ministries of that government.
The country, located on the African continent, became the second country to approve Bitcoin as legal tender in April 2022. Since then, international organizations such as the International Monetary Fund (IMF) have expressed concerns about the measure.
In that strategy, the Central African Republic announced last July the launch of the “Sango Génesis” project, a crypto initiative that seeks to establish itself as the first legal center for cryptocurrencies.
Currently, plans are being made to create a new law that will put the heads of the Ministry of Justice, Urban Planning, Agricultural Reform, Mining, Water and Human Rights ministries. The aim is that this new legal framework will attract more investments to the country.
Websites such as Cripto Noticias point out that these types of initiatives will help leverage the cryptocurrency industry and develop the economy of the country.
“The financial repression that France has maintained over Africa since Italian Prime Minister Giorgia Meloni denounced the colonies last November. , criticized the fact that they charge around €45 million for their services,” the platform said in a publication.
Bitcoin adoption steps.
The Central African Republic is not the only country to move forward with cryptocurrency regulation in the region.Cristo Noticias emphasized that Nigeria also has a legislative proposal.
Since El Salvador established Bitcoin as legal tender, other countries have taken initiatives to regulate virtual currencies or seek laws to help assets circulate legally.
Last April, we learned that Cuba approved the use of cryptocurrency services and platforms from May 2022 onwards.
In addition, other smaller cities, such as Prospera on Roatan Island, Honduras, adopted their currency as legal tender.
Several countries are still working on proposals regarding the legality of digital assets. The Brazilian House of Representatives has taken a decision to approve a law regulating cryptocurrencies, and the initiative was approved by Jair and his President Bolsonaro on December 22nd.