Africa Legalizes Cryptocurrencies
2023.01.22 08:30
Africa Legalizes Cryptocurrencies
By Tiffany Smith
Budrigannews.com – A 15-member committee was established in the Central African Republic (CAR), a developing nation in Central Africa, to draft a bill on the use of cryptocurrencies and tokenization in the region.
The president of CAR, Faustin-Archange Touadéra, claims that cryptocurrencies may be able to assist in the elimination of financial obstacles in the nation. He advocated for establishing a legal framework for the use of cryptocurrencies in order to foster a business-friendly environment. The following is a rough translation from the official press release:
“The monetary barriers that have existed up until this point will disappear with access to cryptocurrencies, with the primary goal of the measures adopted by the government being the development of the national economy.”
15 experts from five CAR ministries, including 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, and the Ministry of Justice, Promotion of Human Rights, and Good Governance, make up the committee that is writing the crypto bill.
The committee that is tasked with developing a new, more comprehensive law on the use of crypto-monnaies and providing the RCA with this unique opportunity for economic and technological development is made up of 15 experts from my government’s various ministries.
The members are tasked with developing a legal framework that will facilitate the use of cryptocurrencies in Central African Republic and accelerate the country’s economic development through collaboration.
After two years of waiting for permission from regulatory authorities, Nigerian cryptocurrency exchange Roqqu received a virtual currency license for the European Economic Area, marking yet another milestone for crypto initiatives from the continent of Africa.
According to Benjamin Onomor, the chief executive officer of Roqqu, who spoke with Cointelegraph, offshore Africans send more than $5 billion to their relatives, but the current remittance system slows the process.
“Using crypto as a vehicle to solve this problem makes a lot of sense. Cryptocurrency is a faster, less expensive method for bridging the gap and assisting in lowering global transfer fees. He continued, “This is the core of the problem we want to solve.”
