Central African Republic (the) Stablecoin Regulation
Stage: Live
Regulator: Central African Banking Commission (COBAC); Bank of Central African States (BEAC); Central African Financial Market Supervisory Commission (COSUMAF); National Financial Intelligence Unit (FIU)
In April 2022, CAR made a bold move, Bitcoin became legal tender according to Law No. 22.004, even coexisting with the CFA franc. They also launched Sango Coin, a Bitcoin sidechain token focused on tokenizing resources. But chaos ensued: their Constitutional Court blocked attempts to buy citizenship, e-residency, and land with Sango Coins on constitutional grounds. Then, in March 2023, CAR repealed Bitcoin's legal-tender status, the gamble didn't stick. The entire region, governed by the regional central bank (BEAC) and securities regulator (COBAC), prohibits crypto in principle, and CAR's experiment intensely clashed with that regional policy.
Applicable Laws:
Decision COBAC D-2022/071 relating to the Holding, Use, Exchange and Conversion of Cryptocurrencies or Crypto-Assets by Institutions Subject to COBAC - https://www.chazai-wamba.com/en/news/brief-info-cobac/
Regulation No. 01/22/CEMAC/UMAC/CM/COSUMAF on the Organization and Functioning of the Financial Market in Central Africa - https://cosumaf.org/wp-content/uploads/2023/07/Reglment-no-01-Portant-Organisation-et-Fonctionnement-du-Marche-Financier-de-lAfrique-Centrale-compressed.pdf
