Gate News message, April 16 — The Central African Republic’s parliament unanimously approved a cryptocurrency regulation bill on April 20, introduced by Justin Gourna Zacko, Minister of Digital Economy, Post and Telecommunications, despite opposition protests. Contrary to earlier reports, the legislation legalizes cryptocurrency use in the nation’s financial markets through regulation, rather than adopting Bitcoin as legal tender.
Zacko highlighted that cryptocurrency would streamline remittances by bypassing Central Bank controls, allowing citizens to send and receive money in multiple currencies without intermediaries. However, opposition deputies raised concerns about potential money laundering, tax evasion, and fraud risks, fearing the law could jeopardize international donor disbursements. The bill imposes strict penalties for crypto-related offenses, including up to 20 years imprisonment and fines ranging from 100 million to 1 billion CFA francs.
Once enacted, the law will permit traders and businesses to make payments and pay taxes in cryptocurrency through licensed entities. Citizens will gain access to digital currencies beyond the local FCFA while conducting domestic and international transfers without bank involvement. This move positions CAR differently from other African nations—while Nigeria and Kenya restrict crypto, South Africa actively promotes digital assets. African crypto users surged 2,500% in 2021, signaling growing regional demand for digital financial alternatives.
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