Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill

The Central African Republic (CAR) president, Faustin-Archange Touadéra, recently said his government has established a 15-member committee tasked with creating a comprehensive legal framework that governs the use of cryptocurrencies. According to an official document issued by the CAR cabinet, the committee has already started its work and will regularly update the government.

CAR’s Ambitions

The Central African Republic (CAR) leader, Faustin-Archange Touadéra, recently revealed that his country has set up a committee that is expected to draft a bill on the use of cryptocurrencies. The committee, which is comprised of 15 experts drawn from various government ministries, is expected to create a legal framework that helps the CAR achieve its goal of becoming a globally recognized blockchain technology-embracing country.

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

— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023

In an update issued via Twitter, President Touadéra, whose country became the first African state to adopt bitcoin, also shared a communique outlining his country’s vision as well as the various government ministries that have seconded experts to the committee.

“15 experts from several ministries of my government make up the committee responsible for drafting a new, more comprehensive bill on the use of cryptocurrencies and offering CAR this unique opportunity for economic & technological development,” President Touadéra said in a recent tweet.

The CAR leader’s latest remarks come just a few weeks after a team promoting his country’s crypto token known as the sango coin announced the postponement of the scheduled listing of the coin. As reported by Bitcoin.com News, the postponement was prompted by what the team called “current market conditions.”

Before being forced to delay the listing of the coin, the Touadéra government’s coin offering suffered a major setback after a constitutional court ruled that the proposal to grant citizenship to sango coin holders was illegal.

However, despite these setbacks, the CAR leader’s government has vowed to proceed with its work. Meanwhile, in the communique, the CAR government said the committee is already at work and will regularly issue progress updates.

Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.