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The Central African Banking Commission disavows the CAR over the use of bitcoin


The Central African Banking Commission met in extraordinary session to examine the impacts of crypto-assets on the stability of the banking and financial systems of the Economic and Monetary Community of Central Africa (CEMAC). Barely a week after the legalization of cryptomonaie in the CAR, tension is starting to rise between the regional institution and the country.

COBAC has taken a number of measures aimed at setting up a system for identifying and reporting operations related to cryptocurrencies. These prohibitions apply to banks, credit institutions and microfinance institutions in the Economic and Monetary Community of Central Africa (Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad).

In addition, subject institutions and their technical partners within the framework of payment services are prohibited from exchanging or converting, settling or hedging in currency or FCFA, transactions relating to cryptocurrencies or having a link with these »

In the press release, the COBAC provides more details. In order to guarantee financial stability and preserve customer deposits, COBAC recalled certain prohibitions related to the use of crypto-assets in the CEMAC. This is particularly the case for the subscription or holding of cryptocurrencies of any kind whatsoever for own account or for the account of third parties, exchange or conversion, settlement or hedging in currency or in CFA francs.

Created by the Convention of October 16, 1990, the Central African Banking Commission is the supervisory body for all credit institutions and microfinance institutions in the Economic and Monetary Community of Central Africa. COBAC also has four main powers over subject credit institutions. These are the administrative power, the regulatory power, the power of control and the power of sanction.





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