The Central African Republic (CAR) has legalized the use of cryptocurrencies in financial markets.
The cryptocurrency bill was introduced by Digital Economy Minister Justin Gourna Zako and was unanimously approved by lawmakers in parliament despite opposition protests.
The cryptocurrency law aims to create an enabling environment for the inclusive growth of the crypto sector in the region. Minister Zako also highlighted the growing difficulties in sending money out of Africa and suggested that the adoption of cryptocurrency would help solve the problem.
The new law will reportedly allow traders and businesses to make cryptocurrency payments, as well as provide the ability to make cryptocurrency tax payments through authorized bodies.
The new cryptocurrency law also includes provisions for offenders. Offenders who fail to comply with the law could be imprisoned for up to 20 years and fined between 100,000,000 and 1,000,000,000 francs by the Financial Community of Africa (CFA).