logoBC
Yaoundé - 28 May 2022 -
Finance

Cameroon plans a national cryptocurrency regulation

Cameroon plans a national cryptocurrency regulation
  • Comments   -   Thursday, 11 November 2021 12:36

(Business in Cameroon) - Cameroon is currently moving to regulate cryptocurrencies in the country. Indeed, according to the Ministry of Posts and Telecommunications (Minpostel), a workshop will be organized on November 15, in Yaoundé, with the theme “cryptocurrency Challenges, opportunities, and risks in Cameroon.”

The Minpostel expects a whitepaper on the rules and regulations that will govern cryptocurrency and crypto assets in Cameroon. During the workshop, the Minpostel will present why regulation is needed when the whole society is evolving, map the cryptocurrency actors present in African and the national territory while estimating the extent to which the services offered by those actors are subscribed. Also, participants will review mechanisms that help regulate the cryptocurrency sector and allow public authorities to get a grip of the sector. 

The Minpostel explains that the workshop was initiated because currently, in Central Africa, officials liken cryptocurrency to scams in a context where there is no clear legal characterization; therefore leading to regulation challenges even though the assets are becoming an important exchange means for the general public. Hence more insights are needed on cryptocurrencies, the Minpostel believes. 

There are currently more than 6,000 cryptocurrencies in the world. Every one of them has its features and use.  Several companies now accept cryptocurrencies (Paypal, Microsoft, Rakuten, Wikipedia...), and countries like China, Nigeria, France, have also created their cryptocurrency. Many companies have also announced they would create their cryptocurrency. For instance, Facebook announced last year that it would launch its cryptocurrency, Libra. Meanwhile, in the CEMAC region, such instruments are still prohibited. On October 12, 2021, during the investors week, financial market regulator COSUMAF announced upcoming texts to regulate these new investment vehicles.  

Sylvain Andzongo

international-air-traffic-drops-by-62-in-cameroon-due-to-covid-19
The international air traffic in Cameroon fell by 62.04% from 868,788 to 357,564 passengers between 2019 and 2020. Domestic traffic also followed the same...
emile-parfait-simb-promoter-of-liyeplimal-arrested-for-cryptocurrency-scam
Emile Parfait Simb, the promoter of Global Investment Trading (better known as Liyeplimal), which specializes in cryptocurrency investments, was arrested...
cameroon-govt-completes-fundraising-for-automatic-toll-booth-project-launches-work
The Cameroonian government announced, via its Ministry of public work, (Mintp) that it has finally completed the fundraising for the construction of 14...
british-epc-joins-the-kribi-bitumen-plant-project
The British consulting firm Euro Petroleum Consultants (EPC), which specializes in petroleum and petrochemical projects, has just signed a "Project...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »