CAR Sets Up Committee to Design its Crypto Legal Framework

The Central African Republic (CAR), a developing country in Central Africa has become a topic of discussion among crypto lovers after its massive Bitcoin (BTC) adoption. Recently, the country has set up of a 15-member committee.

Per the release, the members of the committee will be in charge of drafting a bill on the adoption of cryptocurrencies and tokenization in the country.

Faustin-Archange Touadera, the President of CAR in a statement, said the adoption will see cryptocurrencies assist in eradicating financial difficulties faced in the country. As such, the need for a legal framework for the usage of cryptocurrencies so as to initiate a business-friendly environment.

However, the 15 members who will be responsible for drafting the crypto bill are experts from five ministries of the CAR. The ministries include the Ministry of Mines and Geology, Ministry of Justice and promotion of Human Rights, Ministry of Town Planning, Ministry of Waters, Forest and Fishing, and Ministry of Agriculture and Rural Development. 

Together, the members will do everything within their capacity and beyond to establish a bill that will help develop the national economy and the CAR at large.

Recall that last year, the landlocked nation launched its government-backed crypto hub project dubbed Sango which aims to foster the development of the digital assets sector in the nation. With the launch, the government also intends to attract businesses and global enthusiasts to accelerate local BTC adoption and oversee the upcoming regulatory framework and crypto infrastructure.

Nations Intensify Efforts on Crypto Regulations

The development in the nascent crypto industry has grown to a stage where it should receive the same coordinated regulatory procedures as other traditional financial institutions. The regulations provide the right tools to address the concerns of consumer protection, financial stability, and market integrity.

As cryptocurrencies continue to see several use cases and global adoption of digital asset gain more traction, several nations have doubled their efforts to prepare a better legal framework to regulate the industry and protect users.

In November, Australian regulators started plans to integrate a strict crypto regulatory framework for digital assets that will give stability to its economy and the industry.