The Central African Republic (CAR) established a new committee to develop a new crypto regulation system in the country.
The Central African Republic (Car) is a developing country in Central Africa. By taking inspiration from El Salvador, CAR adopted Bitcoin as a legal tender in April 2022. In short, we can say that CAR is a second Bitcoin-pro country. The Bitcoin adoption approach from CAR was not good like El Salvador. For example, El Salvador launched the national Bitcoin wallet Chivo to accept Bitcoin payments and also established a Bitcoin office & 200 Bitcoin ATMs across the country but CAR didn’t do anything like this.
On 20 Jan 2023, Faustin-Archange Touadéra, the president of CAR, informed the citizens that the country established a 15 members committee and this committee will create a Crypto regulatory framework.
According to the CAR president, Cryptocurrencies have the potential to push the economy of the country to another level, and also he believes that creating a friendly environment for the companies will help the country to use Cryptocurrencies more perfectly.
“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 official press release read.
A recent report noted that off-shore Africans send back over $5 billion to their relatives and for such remittances, they face problems because of the high cost & slow system but now it is expected that the adoption of cryptocurrencies will help the citizens to tackle the cross-border payment issues more easily under a fully regulated system.
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