CAR backs down from implementing cryptocurrency law in exchange for BEAC engagement

By Omer Mbadi
Posted on Wednesday, 27 July 2022 12:29

© JAKUB PORZYCKI/NurPhoto via AFP

Bangui agreed not to implement its cryptocurrency law in exchange for BEAC regulating crypto assets. This common ground was reached in Cameroon’s economic capital Douala on 20 and 21 July.

While the worst was expected, the CAR came out of it relatively well.

“There was above all a desire not to humiliate Bangui. On the contrary, a compromise was found,” a participant told us at the end of the extraordinary sessions between the board of directors of the Bank of Central African States (BEAC) and the ministerial committee of the Central African Monetary Union (Umac) devoted to adopting the law governing cryptocurrency.