News

Central African bank regulator alerts states of crypto ban

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 African bank regulator alerts states of crypto ban

Central African bank regulator alerts states of crypto ban

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.

Bitcoin

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Jai

CoinCu News

Victor

Recent Posts

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

55 minutes ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

1 hour ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

2 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

2 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

2 hours ago

This website uses cookies.