Central African Republic Working on Legal Framework For Cryptocurrencies

• CAR’s various ministries have all contributed 15 experts to the committee.
• Nigerian crypto exchange Roqqu has received a virtual currency license EEA.

A 15-person committee was established in the Central African Republic (CAR). A developing nation in Central Africa, to create legislation regulating the usage of cryptocurrencies. And tokenization in the country and the region.

The president of the Central African Republic, Faustin-Archange Touadéra, has said that he believes cryptocurrency will play a role in breaking down the country’s economic hurdles. Furthermore, he advocated for the establishment of a crypto-friendly legal framework to encourage commerce. 

An approximate translation of the official news statement is as follows:

“With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.”

Boost For Country’s Economy

Moreover, CAR’s various ministries have all contributed 15 experts to the committee tasked with drafting the crypto bill. Members are entrusted with working together to create a legal framework. The use of cryptocurrencies in the Central African Republic will hasten the growth of the country’s economy.

Furthermore, after two years of waiting, Nigerian crypto exchange Roqqu has received a virtual currency license from regulatory authorities in the European Economic Area. Moreover, the existing remittance system is inefficient, according to Benjamin Onomor, CEO of Roqqu. Off-shore Africans pay back over $5 billion to their family every year.

The CEO added:

“It makes a lot of sense to solve this problem by using crypto as the vehicle. Crypto is a faster and cheaper route that can bridge the gap and help reduce fees in moving money globally. This is the core of the problem we want to solve.”