The use of cryptocurrencies is prohibited in banking and financial institutions in the countries of the Central African Economic and Monetary Community (CEMAC). The decision was made by Cemac’s Banking Commission (Cobac). It was taken at an extra meeting on May 6, but the document was not published until Friday.
The decision of Cobac, Cemac’s Banking Commission, is very clear: banking and financial institutions can only use the CFA franc and the classic currencies issued by central banks, and all transactions carried out or rejected in cryptocurrencies must be notified to it. .
This is a first regulatory measure to counteract the adoption by the Central African Republic of the framework law on cryptocurrencies. Bangui would like to use them to attract investors and replenish their coffers, by approving their convertibility. A very complex operation in practice.
Willingness to “mine” in Dubai According to press reports, President Touadera was also in Dubai at the end of last week to start a “mining company” for cryptocurrency, according to the technical term. It would also receive support from a New York-based asset management platform.
On the eve of this decision by Cobac, Jeune Afrique had revealed that the President of the Bank of Central African States, Abbas Mahamat Tolli, had written to the Central African authorities to worry about a possible monetary destabilization, which left the threat of a freeze on the Central African Republic.
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