(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.