Constitutional challenges to cryptocurrencies regulation in the Central African Republic

Rimdolmsom-Jonathan-KabreAuthor: 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.