A new report has claimed that the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently sought help from the regional central bank to develop a cryptocurrency regulatory framework. The report also indicates that the CAR has expressed its “attachment to the single currency and respect for the statutes of the Bank of Central African States”.
Develop a crypto regulatory framework
After initially falling out with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed to have received a request for assistance with the development of the “regulatory framework governing cryptographic assets” by the government in Bangui. In a statement, BCAS revealed that the CAR has reiterated its commitment to the regional group’s statutes.
By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (CEMAC), CAR can signal its desire to put an end to a dispute that began after legal in bitcoin.
As previously reported by Bitcoin.com News, CAR’s move was criticized by peers in the region. The global lender, the International Monetary Fund (IMF) has also warned the country’s leaders against making bitcoin legal tender. However, prior to this latest report, the CAR had largely ignored the warnings and proceeded to launch a cryptocurrency known as the Sango coin.
However, according to an article in Business in Cameron, the announcement of BCAS’s rapprochement with the government of President Faustin-Archange Touadéra was made after a meeting of the ministerial committee of the African Monetary Union. central (CAMU) on July 21.
The report also adds that Hervé Ndoba of BCAS and the CAR Finance and Budget Minister both signed the declaration which signals the commitment of both parties to work together again.
The CAR committed to a single regional currency
Outlining what the CAR’s reiteration of its commitment to a single currency means, the BCAS document states:
After examining the implications of the law governing cryptocurrency in the Central African Republic on the community regulatory architecture in monetary and financial matters, the Board of Directors welcomed the expression by the CAR of its attachment to the currency. system and compliance with the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments.
Meanwhile, the Business in Cameron report suggested that comments from BCAS and CAMU signal that cordials have relations with France – the guardian of the regional economic group’s currency, the CFA franc – may have been restored. .
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