Central African Banking Regulator Says Crypto Ban Still Effective

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Central African Banking Regulator Says Crypto Ban Still Effective – The Central African Banking Commission (COBAC), an African regulator, has informed members of a regional economic bloc which comprises the Central African Republic (CAR) that the country’s cryptocurrency ban remains in force. The latest warning follows CAR’s recent decision to make bitcoin its “currency of reference.”

COBAC, a CEMAC banking regulator, believes the restriction will preserve financial stability, according to a Reuters report. The regulator reportedly said in a statement issued after a special meeting on May 6 that it would also consider taking steps to address and report crypto-related transactions.

Also Read: US, UK, Canada, Australia, Netherlands Share Crypto Criminal Leads, Including a Potential $1B Ponzi Scheme

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“COBAC recalled certain prohibitions linked to the usage of crypto-assets in CEMAC in order to ensure financial stability and protect customer deposits.” COBAC has resolved to take a number of steps toward establishing a system for recognizing and reporting cryptocurrency-related transactions, according to reports.

The Bank of Central African States had previously told the Central African Republic to reverse its decision to make bitcoin legal tender. Rather than trying to adopt cryptocurrency, the regional central bank suggested that the CAR focus on implementing CEMAC’s monetary policies, which it claimed would help ease endemic poverty.

Meanwhile, the report quotes Serge Ghislain Djorie, a spokesman for the CAR government, as saying that COBAC has not yet formally informed his country of the regulator’s renewed anti-cryptocurrency stance. Djorie stated that his government will respond once it receives the COBAC document.

Also Read: Number of Busted Illegal Crypto Mining Farms in Iran Nears 7000

Central African Banking Regulator Says Crypto Ban Still Effective – However, the spokesman emphasized that his administration would not be pushed to change its stance by an outside force. “It must be realized that each state has sovereignty,” he stated.

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