Crypto Legislation Committee Appointed In The Central African Republic
The Central African Republic sets up a committee to come up with laws about crypto. Several Central African Republic departments, including some Ministries, need to work together to make a cryptocurrency bill.
The Central African Republic (CAR), which is one of the poorest countries, put together a team of 15 agencies whose job will be to write a “comprehensive” cryptocurrency bill.
Last year, the country was in the news because it was the second country, after El Salvador, to accept bitcoin as legal currency.
Additional Crypto Step
President Faustin-Archange Touadéra of the CAR said that the government set up, group of 15 experts to make regulatory framework for cryptocurrencies. The bill should help the digital asset industry grow and could help the local economy, which has been struggling.
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
Some of the departments tasked with making the laws are the Ministry of Mines and Geology. The Ministry of Agriculture and Rural Development, the Ministry of Water, Forests, Hunting and Fishing, and others.
With a GDP of about $2.5 billion and a GNI per person of $980. The CAR is one of the poorest countries in the world. President Touadéra gave people hope that the move to crypto could help solve some of the financial problems:
“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.”
El Salvador As An Example
In last year April, the CAR became the second country in the world where bitcoin is an official way to pay. In September 2021, El Salvador was the first country to accept cryptocurrency as a legal form of payment.
The Central African Republic’s government said that the adoption could help the country’s economy get back on its feet. Which improves the lives of its people directly.
President Touadéra has shown himself to be a strong backer of the main digital asset by calling it “universal money.”
He also told the locals to recognize the benefits of BTC. Which could help them build long-term wealth in a time of rising inflation, global military conflicts, and economic crises:
“Understanding bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity. Mathematics doesn’t account for human emotions. Future generations will look behind at these very moments to our strength and unity in choosing the right path during hard times.”
