Beac To Oversee CAR’s Cryptocurrency Project

Central African Republic’s Bitcoin adoption will be handled by the Bank of Central African States (Beac).

According to a report by’BusinessinCameroon”, the decision was taken at the end of a meeting of the Ministerial Committee of the Central African Monetary Union (Umac) in Douala.

“After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community’s regulatory architecture in monetary and financial terms, the Board of Directors welcomed the expression by the CAR of its commitment to the single currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments,” the Beac said in a statement signed by Hervé Ndoba, COB of Beac and Minister of Finance and Budget of CAR.

“the Board of Directors of Beac has taken good note of the request by the Central African Republic for assistance from Beac and the competent authorities of the community, for the development of a regulatory framework governing crypto assets in the Cemac.”

“It is forbidden for Cemac institutions and their technical partners in the framework of payment services to exchange or convert, settle or cover in foreign currency or CFA francs, transactions relating to cryptocurrencies or having a link with them,” Cobac said in a statement.

“The content of the law governing cryptocurrency adopted in the Central African Republic can be analyzed as a challenge to the monetary cooperation agreements (with France, ed) in force in Central Africa,” the Beac governor, Abbas Mahamat Tolli, reacted. On July 14, 2022, during the press conference that concluded the Monetary Policy Committee of the Beac, the institution again recommended that Cemac economic agents be cautious about crypto assets.” the statement said.



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