The Central African Republic has set up a 15-person committee to create legislation regulating the usage of cryptocurrencies and tokenization in the country and region.
The President of the Central African Republic, Faustin-Archange Touadéra, said in a statement that access to cryptocurrencies would break down the country’s economic hurdles.
The various ministries have all contributed 15 experts to the committee tasked with drafting the crypto bill. The use of cryptocurrencies in the Central African Republic is expected to accelerate the growth of the country’s economy.
In addition, Nigerian crypto exchange Roqqu has recently received a virtual currency license from regulatory authorities in the European Economic Area.
According to Benjamin Onomor, CEO of Roqqu, the existing remittance system is inefficient, with off-shore Africans paying back over $5 billion to their family every year.
He believes that crypto is a faster and cheaper route to bridge the gap and help reduce fees in moving money globally.
The Central African Republic is taking a proactive approach to the implementation of cryptocurrencies and tokenization in the country and the region.