Regulating cryptocurrencies in the Central African Republic: Has the cart been put before the horse?

Author: Rimdolmsom Jonathan Kabré
Postdoctoral researcher, Centre for Human Rights, University of Pretoria

Introduction

On 22 April 2022, the Parliament of the Central African Republic (CAR) adopted the Law n°22.004 governing cryptocurrency in the Central African Republic (hereinafter the Law). This is the second time in the world, and the first time in Africa, that a country adopts cryptocurrencies as legal tender. Previously, some other African countries considered the issue of cryptocurrencies: In Algeria, for example, they are prohibited (see art 117 of 2018 Financial law). In Egypt, bitcoin transactions were classified as haram (in a non-binding religious decree of 2018) until the recent Central Bank and Banking Sector Law No.194 of the year 2020 which contains some rules regarding the use of financial technology. Nigeria has prohibited the trading of cryptocurrencies and launched its own digital currency called eNaira. In South Africa, the regulation of cryptocurrencies is imminent (see here and here).

About the Author:

Rimdolmsom Jonathan Kabré is a postdoctoral researcher at the Centre for Human Rights, University of Pretoria, South Africa, where he also coordinates the LL.M. Programme in International Trade and Investment Law in Africa. Dr. Kabré completed his doctoral studies at University of Lausanne in 2019, for which he was awarded the 2020 Prix de Faculté of the University of Lausanne. He studied law at the University Thomas Sankara in Burkina Faso (LL.B. and LL.M.) and holds an LL.M. in International and Comparative Law from the University of Lausanne.Dr. Kabré’s research interests span across the settlement of international disputes, socio-legal approaches to law and international economic law with a particular focus on Africa. He is the authored of the monograph Le role des juristes privés dans le règlement des différends impliquant les Etats (Helbing lichtenhahn verlag, 2021).

Powered by WPeMatico