The Central African Republic has established a committee to establish the legal framework for cryptocurrency adoption.
The Central African Republic said late last year that it delayed listing its national cryptocurrency due to current market conditions. The country, which accepts Bitcoin as a legal unit, has been working for a long time, including its own cryptocurrency, Sango Coin. The new step is related to the adoption of cryptocurrencies.
Central African Republic Establishes Committee for Crypto Adoption
The Central African Republic (CAR), a developing country in Central Africa, has formed a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the region.
According to CAR President Faustin-Archange Touadéra, cryptocurrencies could potentially help break down the country’s financial barriers. It believes in creating a business-friendly environment supported by a legal framework for the use of cryptocurrency. The official press release stated:
“With access to cryptocurrencies, the ever-present monetary barriers will be removed. The main aim of the measures adopted by the government is the development of the national economy.”
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