Last Updated: 24 January 2023
The Central African Republic (CAR) is taking another step towards resuming their cryptocurrency plans. The question is what role bitcoin will have in this, but more government support has again been expressed.
Crypto in CAR
The republic wants to boost its economy by creating a legal framework for crypto currencies. CAR has set up a 15-member commission. They are responsible for drafting bills for cryptocurrencies
One of the poorest countries – the Central African Republic (CAR) – formed a team of 15 agencies, whose responsibility will be to draft a “comprehensive” cryptocurrency bill.https://t.co/ppR0sxklcG pic.twitter.com/ZlUmHhXCwX
— Crypto Geek (@JoeSmit27977592) January 24, 2023
They include officials from five government departments in CAR. Last year, the country’s president expressed a desire to embrace cryptocurrencies. After a brief flirtation with bitcoin, tokenisation and the Sango currency soon came around the corner. As far as bitcoin is concerned, not very hopeful.
The new developments are not necessarily bad news for bitcoin, although it remains to be seen what the exact impact will be. In any case, given the adoption of the internet and mobile phones, we need not expect hyperbitcoinisation.
President Faustin-Archange Touadéra mentions that the benefits of cryptocurrencies to the country’s economy are so great that they cannot be overstated.
“With crypto exposure, the monetary constraints that existed until now would disappear, with the fundamental aim of the government’s actions being to grow the national economy.”
Said 15 representatives put forward, coming from different agencies:
- Ministry of Waters, Forest, Hunting and Fishing;
- Ministry of Mines and Geology;
- Ministry of Town Planning, Land Reform, Towns and Housing;
- Ministry of Rural Development; and
- Ministry of Justice, Promotion of Human Rights and Good Governance.
Last month, the country still postponed the launch of the Sango project due to macroeconomic conditions and Christmas.