Since April 22, the Central African Republic has officially authorized the use of bitcoin, but without consulting the other members of the Economic and Monetary Community of Central Africa (Cemac). The Governor of the Bank of Central African States therefore spoke directly to the Central African Budget Minister.
“The Central African law governing cryptocurrency has a negative effect on the legal unity of members of the Union”judge Abbas Mahamat Tolli in a three-page letter, sent on April 29 and revealed Thursday, May 5 by the weekly Young Africa. The leader of BEAC believes that Bangui is visibly seeking to “establish a Central African currency beyond the control of the Central Bank “. This decision could jeopardize monetary stability “, he warns.
Ironically, by virtue of the rotation principle, it is currently the Central African Republic and therefore its Budget Minister Hervé Ndoba who chairs the BEAC and the Central African Monetary Union (UMAC).
The alert sent and the requests for meetings requested by Abbas Mahamat Tolli have so far remained unanswered from Bangui. According to Young Africaout of the five CEMAC member states, three would be in favor of the application of article 35 of the common treaty, which indicates that in the event of non-compliance with its monetary commitments, the conference may note the withdrawal of a state.
In voting by acclamation the law on cryptocurrencies on April 22, the Central African Republic became the first country in the region to officially authorize digital currency. The authorities believe that its use will improve trade. For the opposition, on the contrary, this decision will lead to an increase in money laundering and tax evasion.
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