Tit for tat

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

By Omer Mbadi

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Posted on July 27, 2022 10:29

Screenshot 2022-07-26 at 17.18.06 © 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.

Hervé Ndoba – the Central African finance and budget minister, who chaired the meeting on 20 and 21 July – was pushed by his peers, notably Chad and especially the Republic of Congo. “The challenge for Brazzaville is to regain the post of governor of the central bank, in accordance with the principle of rotation,” says a senior community official.

No implementing decree

This pressure was accentuated by the fact that the money managers from the member countries

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