Central African Republic (CAR) has publicized that it set up a 15-member committee tasked with drafting a set of regulations, rules and standards on the use of cryptocurrencies and tokenization in the developing nation.

According to the president of CAR, Faustin-Archange Touadéra, cryptocurrencies and other cryptic assets can aid in breaking down the country’s financial barriers and increase monetary flexibility.

Translated from the official press release, the president noted that with access to cryptocurrencies, “the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.”

The 15 members of the committee are collaborating to create a regulatory framework which’ll speed up the nation’s economic growth, and the members have been selected from five CAR ministries; Ministry of Waters, Forest, Hunting and Fishing, Ministry of Agriculture and Rural Development, Ministry of Mines and Geology, Ministry of Town Planning, Land Reform, Towns and Housing, and Ministry of Justice, Promotion of Human Rights and Good Governance.

Sources:

https://cointelegraph.com/news/central-african-republic-eyes-legal-framework-for-crypto-adoption 

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