The Central African Republic (CAR) is taking steps to establish a legal framework for the use of cryptocurrencies in the country. A 15-member committee has been formed to draft a bill that will govern the use and regulation of digital currencies.
The committee will be made up of experts from various government ministries, including the Ministry of Mines and Geology, the Ministry of Agriculture and Rural Development, and the Ministry of Justice, Promotion of Human Rights, and Good Governance.
According to President Faustin-Archange Touadéra, the use of cryptocurrencies has the potential to eliminate financial barriers in the country and create a more business-friendly environment.
He believes that by providing access to digital currencies, the monetary barriers that have existed until now will disappear and contribute to the development of the national economy.
The official press release emphasized that the main objective of the measures adopted by the government is the development of the national economy.
The formation of this committee and the drafting of a bill on cryptocurrency usage is a significant step towards the promotion of financial inclusion and the growth of new industries based on blockchain technology.
It will also attract foreign investment and help increase transparency and accountability in financial transactions. This legal framework will help to balance the benefits of blockchain technology with the need for oversight and accountability, which are essential for the growth of the economy.
Source: CoinTelegraph
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