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 (January 20, 2023).
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.