CAR authorities are developing legislation on the legalization of cryptocurrencies

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A special committee of 15 officials in the Central African Republic (CAR) intends to develop a regulatory framework that will allow the use of cryptocurrencies to stabilize the local economy.

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The CAR is a small developing country with a weak economy and a poorly developed monetary system. More than 70% of the population lives below the poverty line.

The committee, set up by the government, is made up of representatives from five local ministries. According to CAR President Faustin-Archange Touadéra, cryptocurrencies can help create a business-friendly environment:

“With access to cryptocurrencies, the monetary barriers that have existed so far will disappear. The main thing the government is interested in is the development of the economy.”

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The Central African Republic is the second state on the planet after El Salvador to recognize bitcoin as a legal tender with free circulation.


Source: Bits

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