Regional bank targets cryptocurrency
Publish date: 16 May 2022
Issue Number: 976
Diary: IBA Legalbrief Africa
Category: CAR
The Cameroon-headquartered Bank of Central African States (BEAC) has urged the CAR to annul a law it passed in late April that made the cryptocurrency legal tender. The bank warned that the move breached its rules and could affect monetary stability in the region. Voice of America reports that it added that the legal tender could compete with the Central African Franc, the region's France-backed currency and could upset monetary stability in the six-member Central African Economic and Monetary Community. Economist Willy Delort Heubo said bitcoin transactions have quadrupled in the region in the past three years.
