The Central African Republic (CAR) has appointed a new committee tasked with designing legislation related to cryptocurrencies, President of the Central African Republic (CAR), said in a statement, also shared on Twitter.
This is a significant step forward for the nation, which last year adopted bitcoin as legal tender, the second country to do so after El Salvador.
Separately, the CAR’s Ministry of Economy and Finance recently announced the formation of a special committee to design cryptocurrency legislation. The committee will be led by Jean-Baptiste Nembou, the Minister of Economy and Finance. It will also include representatives from the Central Bank of the Central African States, the Ministry of Justice, the Ministry of Digital Economy, and the Ministry of Industry and Private Sector Promotion.
The committee is expected to review the current regulations related to the use of cryptocurrencies and develop new legislation that will create a favorable environment for the development of the digital economy. The new legislation is expected to address issues such as taxation, consumer protection, and money laundering prevention.
Besides, the Central African Republic, several other African countries, including Nigeria, Kenya, and Uganda have already established regulations governing the use of cryptocurrencies. The new legislation will provide clarity and certainty to potential investors and will encourage them to invest in the Central African Republic.
The Central African Republic is taking a proactive approach toward the development of a legal framework for the use of cryptocurrencies. This is a positive step that will help the nation become more competitive in the digital economy. It will also provide clarity and certainty to potential investors, helping the nation attract more foreign investments.
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