Central African Republic Forms Committee to Draft Crypto Bill

The country, which made bitcoin legal tender in April, wants to pave way for broader crypto adoption.

AccessTimeIconJan 23, 2023 at 11:04 a.m. UTC
Updated Jan 23, 2023 at 4:17 p.m. UTC

The Central African Republic has formed a committee of experts from several government ministries to draft crypto legislation, President Faustin-Archange Touadera said in a tweet on Friday.

The departments involved include the Ministry of Mines and Geology; the Ministry of Water, Forests, Hunting and Fishing; and the Ministry of Agriculture and Rural Development, according to a press release attached to the tweet. The framework will allow cryptocurrencies to operate in the country, the release said.

The country wants to pave way for broader crypto adoption. Touadera described the technology as a "unique opportunity for economic & technological development," in his tweet. The Central African Republic made bitcoin legal tender in April, and plans to list its sango crypto coin on exchanges later this year.

Countries around the world are moving forward with establishing crypto legislation. The European Union is set to vote in April on a wide-ranging bill with a heavy focus on stablecoins, the Markets in Crypto Assets regulation. The U.K. is expected to publish a consultation in the coming weeks and U.S. Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) recently introduced a crypto bill to crack down on money laundering.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.