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.
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.”
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d’élaborer un nouveau projet de loi plus complet sur l’utilisation des crypto-monnaies et d’offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadera (@FA_Touadera) January 20, 2023
The Central African Republic is the second state on the planet after El Salvador to recognize bitcoin as a legal tender with free circulation.
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