After meeting in extraordinary session on Thursday, the Central African Monetary Union believes that the Central African cryptocurrency rules are against the regional economic framework.
The Central African Republic has postponed the launch of its cryptocurrency, the sango. It will now take place on Monday, but the Central African Monetary Union is holding again.It believes that “certain provisions of Central African law are incompatible with the agreements and conventions governing the Central African Monetary Union and the statutes of the Bank of Central African States (BEAC)”.
It is therefore difficult to imagine the launch of a Central African cryptocurrency within the framework of an Economic and Monetary Union with a common currency,The CFA francbut which does not yet provide for cryptocurrencies.
In addition, Sango, which according to Bangui authorities should allow investors to buy land, an e-home or even citizenship in the Central African Republic, is suspected of encouraging money laundering.
The Monetary Union therefore calls on the Bank of Central African States to “accelerate the development of a framework governing cryptoassets in CEMAC”, which can allow the Central African Republic to acquire this currency. The IMF and the World Bank are associated with this work.