Central Africa’s regional banking regulator is not in favor of Bitcoin

The regional banking regulatory body reminded the state members about the crypto ban stances despite CAR adopting Bitcoin as Currency.

The Central African Republic (CAR) is currently the 2nd country in the world, which adopted Bitcoin as legal tender, just after El Salvador. The decision to adopt Bitcoin as a currency was taken by the president of CAR in a very short time and also Bitcoin law was introduced within a few days, which resulted in very minor criticism by the opposition leaders. 

Recently Reuters reported that the regional banking regulator of Central Africa, which keeps banking regulations on six states including the Central African Republic (CAR), recalled its crypto ban stand. 

According to the report, the Banking Commission of Central Africa said that prohibitions on cryptocurrencies were made in favor of the financial stability of the country.

Serge Ghislain Djorie, a government official of CAR, shared information with Returners and said that they didn’t received any kind of such information from the Banking regulatory body but they heard about these things through news Media. 

Dorie said:

“We are waiting for the document to be officially transmitted before we can respond. It must be understood that each state has sovereignty.”

CAR standing with bitcoin without a plan

No doubt that the adoption of Bitcoin as a currency is a better decision by the president of CAR because it will give reason to the citizens to study crypto & blockchain and also go with instant banking services without going with any kind of third party services but here the government of CAR seems is not eager with its Bitcoin adoption decision like El Salvador. 

According to experts, the decision to adopt Bitcoin by CAR was taken in a very short time and that is a very big problem for the citizens to use & understand about it.

Few experts noted that a huge number of the CAR population is uneducated and also there is a need for internet services because bitcoin can’t be accessed without the internet. So probably here it will take more time for the businesses and citizens to go with Bitcoin, unlike in El Salvador.

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