A group of 15 people has been entrusted with creating a legislative framework for the use of cryptocurrencies there. The Central African Republic (CAR) has taken this step to help its economy grow. Faustin-Archange Touadéra, head of CAR, has said that he believes cryptocurrencies can assist his country to overcome its economic difficulties. He thought it was important to set up legal protections for cryptocurrency use to make the country more business-friendly.

Central African Republic Government Forms Advisory Board to Draft Crypto Bill for Economic Growth

The major goal of the actions implemented by the government is the growth of the national economy, and with access to digital currencies, the monetary obstacles that existed until now would dissolve. CAR’s Ministries of Geology and Mining; Ministry for Waters, Hunting, Forest, and Fishing; Ministry for Agriculture; Ministry for Land Reform, Housing and Towns; and Ministry for Justice and Promotion for Human Rights and some others have contributed 15 professionals to the advisory board tasked with drafting the cryptocurrency bill.

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It is expected that the signatories would work together to create a regulatory environment. It will be conducive to the use of cryptocurrency in the Central African Republic. Furthermore, it will accelerate the growth of the country’s economy.

Roqqu, Nigerian Crypto Exchange, Secures Digital Money License for European Economic Area

After two years, Nigerian cryptocurrency exchange Roqqu has finally received a digital money license for the European Economic Area. Moreover, this is a significant development for the company, which has been working hard to gain regulatory approval.

Onomor, the CEO of Roqqu, said that the current process for sending money home to Africa is slow and expensive for many Africans who work abroad. He thinks that these workers send more than $5 billion back to Africa every year and that the way things work now is a big problem for this flow of money.

Onomor thinks that using cryptocurrency could help solve this problem. It is faster and cheaper than traditional money transfers. He argues that the use of crypto could close the gap and reduce the expenses associated with international money transfers. This is the main problem that Roqqu is trying to solve with the new license and the adoption of cryptocurrency. With the new license, Roqqu will be able to offer its services to customers across the European Economic Area, making it easier for Africans working abroad to transfer money back home.