The proposal was issued by the Minister of Digital Economy, Post and Telecommunications, Justin Gourna Zacko. The official explained that the objective of this document is “establish a favorable environment for the financial sector that meets the needs of the profession in this sector and all economic actors”. The main objective is for the country to have a legal framework that governs cryptocurrencies and the businesses that use them.
The cabinet member made reference to the ability of cryptocurrencies to evade the function of the Central Bank: “With cryptocurrency, there is no longer control of this body. You have your money, you send it to an investor for a business, you receive it in any currency and you can dispose of it in Dollar, Euro, CFA or Naira. There are many advantages in cryptocurrencies, but first we would have to have the legal frameworks to allow any Central African to also benefit from this possibility of transferring and receiving money”.
With small economies and in crisis, African countries are constantly thinking about alternatives for their economies. The Central African Republic is known as one of the poorest countries in the world, which is why it is sought that the population use assets so as not to depend on the economic policies of their rulers.
As opposed, Nigeria banned cryptocurrency transactions in February 2021 and ordered all customer accounts closed. The ban was quickly lifted, and in July last year, the Nigerian government announced the creation of a controlled digital currency to reduce the incentives for those who wanted to use unregulated crypto.
Source: Ambito
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