The President of the Bank of Central African States (BCAS), Hervé Ndoba, told the board of directors of the regional central bank that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba would like BCAS to also establish a common legal framework to regulate cryptocurrencies.
Digital currency to modernize the payment structure
In a move ostensibly aimed at countering the Central African Republic’s (CAR) recent decision to embrace bitcoin, BCAS chief Hervé Ndoba has reportedly urged the institution’s board to introduce a common digital currency to its six member states. The envisioned digital currency will apparently help modernize the region’s payment structure and promote financial inclusion.
According to a Bloomberg reportNdoba’s appeal came just days after BCAS concluded that the Central African law adopting bitcoin is “incompatible with the agreements and conventions governing the Central African Monetary Union and the statutes of the Bank of the States of Central Africa”.
The six member countries of CAMU are Cameroon, Chad, Equatorial Guinea, Gabon, Republic of Congo and CAR.
Regulation of cryptocurrencies
Like before reported by Bitcoin.com News, CAR has become the first country in Africa and the second in the world to make bitcoin legal tender after its legislature voted to approve the proposal. El Salvador was the first to embrace cryptocurrency after lawmakers voted overwhelmingly in favor of a bill that made bitcoin legal tender.
Like its Central American counterpart, bitcoin adoption in the CAR has been critical by the regional central bank and by the International Monetary Fund (IMF). However, the growing criticism did not prevent the government of President Faustin-Archange Touadera from carrying out the launch of the CAR’s own cryptographic token – the Sango coin.
In addition to the common digital currency, the BCAS chief also wants the regional central bank to establish a common legal framework to govern the use of cryptocurrencies, according to the report.
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