David - Cryptocurrency Enthusiast
A 15-member committee has been established to draft a bill on the use of cryptocurrencies and tokenization in the Central African Republic (CAR). The committee, made up of experts from five different CAR ministries, will work on creating a legal framework that will allow for the use of digital currencies and promote economic growth in the region.
According to Faustin-Archange Touadéra, the president of CAR, the use of cryptocurrencies has the potential to remove financial barriers in the country and create a more business-friendly environment. The official press release stated, "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."
The committee will be working to facilitate the use of digital currencies in CAR and pave the way for economic development. This move is a significant milestone for crypto initiatives in Africa, following the recent granting of a virtual currency license for the European Economic Area to Nigerian cryptocurrency exchange Roqqu.
Roqqu CEO Benjamin Onomor has stated that the current remittance system slows down the process of sending money back to Africa and that using crypto as a faster and cheaper option could solve this problem. He said, "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."
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