CAR forms 15-person committee to develop cryptocurrency legislation

24 Jan 2023

The Central African Republic (CAR) has taken a significant step towards the incorporation of cryptocurrencies within its borders by establishing a committee of 15 members to ratify and pass legislation on the matter. This move is in line with the nation's efforts to facilitate the implementation and acceptance of cryptocurrencies as a means of payment. The government believes that this step will boost national economic growth.
In April 2022, CAR became the first African country and the second globally, after El Salvador, to approve Bitcoin as a legal tender. The decision was widely praised by prominent figures in the blockchain industry, such as Binance's CZ.

Following this achievement, President Faustin-Archange Touadera launched the "Sango Project," aimed at expanding the country's blockchain infrastructure and attracting worldwide crypto businesses and enthusiasts. The project's website states that its goal is to "pave the way to an unending digital future."
The 15-member committee drafting the country's crypto bill includes representatives from five key ministries: the Ministry of Mines and Geology; the Ministry of Waters, Forest, Hunting, and Blessing; the Ministry of Agriculture and Rural Development; the Ministry of Town Planning, Land Reform Towns, and Housing; and the Ministry of Justice Promotion/Human Rights and Good Governance. Through creative collaboration, the committee will create a legal structure that will allow cryptocurrencies to be used in the Central African Republic and expedite financial advancement within the country.

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