Herve Ndoba, head of the Bank of Central African States (BCAS), has told the region’s central bank Ndoba reportedly told the board that he also wants the BCAS to establish a common legal framework to regulate cryptocurrencies.
modernize payment structures with digital currencies
In a move that appears to be intended to counter the Central African Republic’s (CAR) recent adoption of Bitcoin, Herve Ndoba, head of BCAS, has reportedly urged the institution’s board to introduce a common digital currency for its six member states. This digital currency would ostensibly modernize the region’s payment structures and promote financial inclusion.
According to a Bloomberg reportthe Ndoba’s call comes just days after the BCAS concluded that the CAR’s law adopting bitcoin was “incompatible with the agreements and treaties governing the Central African Monetary Union and with the statutes of the Bank of Central African States.”
The six countries that are members of CAMU include Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo, and CAR.
Regulations on cryptocurrencies
As Bitcoin.com News previously reported, CAR is the first country in Africa and second in the world to make bitcoin legal tender after its parliament voted to approve the proposal. country to use bitcoin as legal tender. El Salvador was the first country to adopt the cryptocurrency after lawmakers voted overwhelmingly in favor of a bill to make bitcoin a legal tender.
Like its Central American counterpart, CAR’s adoption of bitcoin has been criticized by the region’s central bank and the International Monetary Fund (IMF). But the growing criticism did not stop President Faustin-Archange Touadera’s government from moving forward with the launch of CAR’s own crypto token, Coralcoin.
In addition to a common digital currency, the BCAS head also wants to establish a common legal framework for regional central banks to govern the use of cryptocurrencies, the report said.
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