While some African governments, such as Nigeria, have banned cryptocurrency trading and created laws governing accounts that deal with the digital money platform, others are searching for ways to benefit from the potential for this digital platform to alleviate poverty.
The Cameroonian government is taking aggressive moves to regulate cryptocurrencies, one of which is hosting a workshop to examine the obstacles and dangers of using digital currencies in the country.
Notably, Cameroon lacks appropriate laws regarding crypto trading and its legal status; as of 2018, the government has failed to implement any cryptocurrency legislation, and no regulatory framework for the usage and exchange of crypto exists.
The country, on the other hand, has taken significant moves toward incorporating digital money systems, indicating a desire to investigate digital currency choices in the country.
The blockchain community in Cameroon is small, according to a report published by Prime Regulation Office in December 2020, but there is no one law that oversees cryptocurrency.
According to the reports, the Central African Economic and Monetary Community (CEMAC) regulations on the usage of electronic money are the sole legal framework that controls digital money but this law does not directly impact the use of crypto trading.
Despite this, the law does not control cryptocurrency transactions directly. The government of Cameroon was driven to take this substantial measure due to the lack of precise legislation governing the use of cryptocurrencies, as well as the expanding use of the digital money platform by organizing a workshop to the effect tagged “ Cryptocurrency Challenges, Opportunities, and risks in Cameroon”.
The Ministry of Posts and Telecommunications conducted the event in Yaounde. The workshop participants are supposed to examine techniques that would assist the government in regulating the cryptocurrency platform.
According to the ministry, the lack of a regulatory framework in the country has resulted in a rise in fraud, prompting the government to hold the workshop to raise awareness while also considering legal alternatives.
The ministry will also emphasize the significance of regulation and look for ways to map out cryptocurrency actors in Africa and on the national territory, according to the publication. In addition, the ministry will aim to use the meeting to determine the level to which these actors’ services are used.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.