CAR authorities are developing legislation on the legalization of cryptocurrencies

A special committee of 15 officials in the Central African Republic (CAR) intends to develop a regulatory framework that will allow the use of cryptocurrencies to stabilize the local economy.

The CAR is a small developing country with a weak economy and a poorly developed monetary system. More than 70% of the population lives below the poverty line.

A committee set up by the government is made up of representatives from five local ministries. According to CAR President Faustin-Archange Touadéra, cryptocurrencies can help create a business-friendly environment:

“By gaining access to cryptocurrencies, the monetary barriers that have existed until now will disappear.. The main thing the government is interested in is the development of the economy.”

The Central African Republic is the second state on the planet after El Salvador to recognize bitcoin as a legal tender with free circulation.