Constitutional challenges to cryptocurrencies regulation in the Central African Republic
Posted: 2 May, 2023 Filed under: Rimdolmsom Jonathan Kabré | Tags: Bank of Central African States, CEMAC, Central African Economic and Monetary Community, Central African Republic, citizenship, constitutional implications, constitutional provisions, cryptocurrencies, e-residence, Law n°22.004 governing cryptocurrency in the Central African Republic, regulatory acts, Sango Coins Leave a comment
Author: Rimdolmsom Jonathan Kabré
Postdoctoral researcher, Centre for Human Rights, University of Pretoria
In my previous blog, I argued that the “CAR rushed to legislate cryptocurrencies without creating the ecosystem in which they should operate and ensuring that the country was ready for such a shift to cryptocurrencies. Therefore, many challenges still need to be addressed not only at the national level but also at the regional level”. I mainly highlighted the lack of infrastructure at the national level and discussed the challenges to regional integration since the CAR is a member of the Central African Economic and Monetary Community (CEMAC) which has entrusted the ‘exclusive privilege of monetary issue on the territory of each member state of the monetary union’ to the Bank of Central African States (BEAC). On 20 July 2022, this question was examined during the extraordinary session of the Board of Directors of the BEAC which encouraged the Central Bank to continue actions in favor of financial inclusion and the modernization of its infrastructure as well as the reflection aimed at creating a central bank digital currency.
Regulating cryptocurrencies in the Central African Republic: Has the cart been put before the horse?
Posted: 21 July, 2022 Filed under: Rimdolmsom Jonathan Kabré | Tags: 2015 Paris Agreement, Bank of African Central States, bitcoin, carbon footprint, Central African Economic and Monetary Community, Central African Republic, cryptocurrency, electronic transactions, greenhouse gas, Law n°22.004, legal framework, legal tender, National Electronic Transaction Regulatory Agency, political opposition, tax contributions 5 CommentsAuthor: Rimdolmsom Jonathan Kabré
Postdoctoral researcher, Centre for Human Rights, University of Pretoria
Introduction
On 22 April 2022, the Parliament of the Central African Republic (CAR) adopted the Law n°22.004 governing cryptocurrency in the Central African Republic (hereinafter the Law). This is the second time in the world, and the first time in Africa, that a country adopts cryptocurrencies as legal tender. Previously, some other African countries considered the issue of cryptocurrencies: In Algeria, for example, they are prohibited (see art 117 of 2018 Financial law). In Egypt, bitcoin transactions were classified as haram (in a non-binding religious decree of 2018) until the recent Central Bank and Banking Sector Law No.194 of the year 2020 which contains some rules regarding the use of financial technology. Nigeria has prohibited the trading of cryptocurrencies and launched its own digital currency called eNaira. In South Africa, the regulation of cryptocurrencies is imminent (see here and here).
Natural resources: The cause of the permanence of armed conflicts in Africa?
Posted: 3 August, 2021 Filed under: Boubakar A. Mahamadou | Tags: armed conflict, arms, arms dealers, Burundi, Central African Republic, Chad, conflict, Democratic Republic of Congo (DRC), development, economic crimes, economic interests, governance, legal framework, legal measures, mineral resources, natural resources, Rwanda, troops, Uganda, war, War economy, warlords, Zimbabwe Leave a comment
Author: Boubakar A. Mahamadou
Graduate, Swiss Umef University
Africa is undoubtedly a continent rich in natural resources thanks to its subsoil which abounds in 30% of the world’s mineral resources. However, these resources have not allowed the long-awaited development of the continent to be achieved. These resources have also become the main sources of conflict on the continent. Indeed, the presence of significant natural resources on the territory of a State increases the risk of armed conflict. They can motivate secessionist demands, finance rebellions or even stir up violence. According to the United Nations Environment Program (UNEP), natural resources are associated with 40% of internal conflicts around the world. It is in this sense that in Africa, we have been witnessing for some time now, the development of an economy of armed conflict.
AfricLaw 