As the cryptocurrency market grows across the globe and its assets become more accepted as a valid method of payment, governments are showing more and more signs of interest in regulating this new class of assets.
One of the nations taking steps in this direction is the Central African Republic (CAR), which approved a bill to regulate the use of cryptocurrencies with a unanimous vote of its National Assembly on April 21, the portal Central African information LeTsunami.Net reported.
According to the report, the bill was introduced by Justin Gourna Zacko, the country’s Minister of Digital Economy, Posts and Telecommunications, with the aim of “establishing an enabling environment for the financial sector that meets the needs of the profession in this sector and of all economic actors”.
The advantages of cryptography
If made into law, the bill would also “put in place a legal framework governing cryptocurrency and institutions handling those currencies,” Zacko said. In addition to this, the minister expressed the belief that investing in cryptocurrencies would benefit millions of users, but their volatility is something that should always be kept in mind.
According to him, one of these advantages is the lack of control of the Central Bank:
“With cryptocurrency, there is no more central bank control. You have your money, you send it to an investor for a business, you receive it in any currency, you can dispose of it in Dollar, Euro, CFA or Naira.”
“There are so many advantages in crypto-currencies, of which I cannot mention them all here, but first we would have to have the legal frameworks to allow any Central African to also benefit from this possibility of transferring money. money and to receive money,” he explained. .
Not yet legal tender
Although the original report made no mention of the adoption of Bitcoin or any other cryptocurrency as legal tender, some news magazines including Forbesinterpreted the news as the country adopting Bitcoin (BTC) as legal tender, which El Salvador did earlier.
The crypto world reacted enthusiastically, including the Binance CEO:
However, the Central African Republic has yet to officially confirm that it has made the flagship digital asset legal tender.
So far, El Salvador is the only country in the world to have adopted crypto as legal tender, but the community on CoinMarketCap predicts that Paraguay could be the first to follow. According to the votes, Venezuela and Anguilla also have good chances, while the Central African Republic occupies the 11th position.
Interestingly, community sentiment puts the United States in fourth place as the next country to do so, as a number of politicians have expressed their goal of making Bitcoin legal tender in the United States.