Crypto Regulation
Central Africa’s regional banking authority issued a reminder about its cryptocurrency prohibition on Friday, only weeks after the Central African Republic, a member state, proclaimed bitcoin legal tender.
Central Africa’s continental banking authority issued a reminder about its cryptocurrency prohibition on Friday, only weeks after the Central African Republic, a member state, proclaimed bitcoin legal tender.
The statement comes after virtual currencies suffered significant losses on Friday following the fall of TerraUSD, a so-called stablecoin. Analysts and virtual assets specialists were perplexed at the time by the decision in one of the world’s poorest countries, where internet use has been minimal, war is common, and energy is unstable. The administration has released little specifics regarding its thinking, and execution remains a mystery.
According to a statement issued on Friday, the banking commission conducted a special meeting on May 6 to analyze the influence of digital currencies in the area.
COBAC recalled some limitations relating to the usage of virtual currency in CEMAC in order to ensure financial stability and customer deposits, it stated. These include the possession of cryptocurrency of any type, the exchange, conversion, or settlement of cryptocurrency-related activities, and the use of digital tokens as a method of assessing assets or liabilities, according to the statement.
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