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Cobac steps up vigilance on cryptocurrencies after DRC legalizes BTC

Cobac steps up vigilance on cryptocurrencies after DRC legalizes BTC
  • Comments   -   Tuesday, 17 May 2022 15:58

(Business in Cameroon) - The Banking Commission of Central Africa (Cobac) unveiled last May 6 its decision to establish a system for identifying and reporting transactions related to cryptocurrencies in the Cemac region. 

The regulator did not explain the reasons that motivated such a decision but they seem to be due to the legalization of the Bitcoin in the Central African Republic last April 22. As a reminder, the Cobac issued a quick opposition to this move by the CAR authorities saying "it is forbidden to the subject institutions as well as their technical partners as part of payment services to exchange or convert, settle or cover in foreign currencies or CFA francs, transactions relating to crypto-currencies or having a link with them."

"The content of the law governing cryptocurrency adopted in the Central African Republic can be seen as a challenge to the monetary cooperation agreements in force in Central Africa," according to Abbas Mahamat Tolli, Beac Governor and Chairman of Cobac. He reiterated his comments in a letter recently sent to the Central African Minister of Finance and Budget, Hervé Ndoba.

"To ensure financial stability and preserve customer deposits, Cobac recalled certain prohibitions related to the use of crypto-assets in Cemac, including the subscription and holding of cryptocurrencies of any kind whether for own account or the account of third parties, exchange or conversion, settlement or covering in foreign currency or CFA francs of transactions relating to cryptocurrencies or having a link with them, the prohibition of bitcoin or any other cryptocurrency as a means of valuation of assets, liabilities or off-balance sheet items of the subject institutions," the Cobac statement read.

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