The Central African Republic observes the legal framework for the adoption of cryptocurrencies

The Central African Republic (CAR), a developing country in central Africa, has set up a 15-member committee tasked with drafting a bill on the use of cryptocurrencies and tokenization in the region.

According to Faustin-Archange Touadéra, president of CAR, cryptocurrencies have the potential to help eradicate the country’s financial barriers. He believed in creating a business-friendly environment supported by a legal framework for the use of cryptocurrency. A rough translation of the official press release reads:

“With access to cryptocurrencies, the monetary barriers that have existed so far will disappear, the main objective of the measures adopted by the government being the development of the national economy”.

The committee tasked with drafting the cryptocurrency bill is made up of 15 experts from five ministries in the CAR: Ministry of Mines and Geology, Ministry of Waters, Forests, Hunting and Fisheries, Ministry of Agriculture and Rural Development, Ministry of Urban Planning, Land Reform, Cities and Housing and Ministry of Justice, Promotion of Human Rights and Good Governance.

Through the collaboration, the members are tasked with working on a legal framework that will allow cryptocurrencies to operate in the Central African Republic and accelerate the development of the national economy.

Related: Bitcoin, Sango Coin and Central African Republic

Crypto ventures from the African continent marked another milestone when Nigerian cryptocurrency exchange Roqqu was granted a virtual currency license for the European Economic Area after two years of waiting for clearance from regulators.

Roqqu CEO Benjamin Onomor told Cointelegraph that offshore Africans are sending over $5 billion back to their relatives and the current remittance system is slowing the process.

“It makes a lot of sense to solve this problem using cryptocurrencies as a vehicle. Cryptocurrencies are a faster and cheaper route that can bridge the gap and help reduce money transfer fees globally. This is the core of the problem we want to solve,” she added.