Banking Commission of Central Africa reminds states of the crypto ban
Weeks following the announcement by the Central African Republic to make Bitcoin a legal tender, the Banking Commission of Central Africa (COBAC) has reportedly sent out a reminder this Friday highlighting its ban on digital currencies.
Banking Commission of Central Africa aims for financial stability
COBAC, which has control over the banking sector in the six-nation Economic and Monetary Community of Central Africa (CEMAC), cited financial stability as the key factor behind the cryptocurrency ban.The announcement came as the crypto market faced heavy losses on Friday after a major collapse of Do Kwon's TerraUSD (UST). According to a statement released on Friday, the banking commission conducted a special meeting on May 6 to investigate the impact of cryptocurrencies in the region. It stated:
"In order to guarantee financial stability and preserve client deposits, COBAC recalled certain prohibitions related to the use of crypto-assets in CEMAC."The holding of cryptocurrencies of any type, the exchange, conversion, or settlement of transactions involving cryptocurrencies, and the use of cryptocurrencies as a way of evaluating assets or liabilities are all prohibited.
During a phone interview with Reuters, government spokesman Serge Ghislain Djorie said that the country has not received any formal notice from the COBAC about a crypto ban. However, he admitted that he has himself seen the matter discussed on different news platforms and social media.
Questions on the move by the Central African Republic
Notably, the Central African Republic announced the adoption of Bitcoin as a legal tender on April 27, becoming the world's second nation to do so after El Salvador.Being one of the poorest and least-developed nations in Africa, analysts and crypto experts said that they were confused over its decision at the time. They questioned the sustainability of the decision in a country that suffers from unreliable electricity, widespread conflict, and low internet usage. The government has not yet provided any details about its reasoning and implementation.
The International Monetary Authority (IMF) has also displayed its concerns over the decision made by the country. The officials from IMF argued that incorporating blockchain-powered digital assets on such a large scale can potentially harm the country's financial system.
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