(Cointelegraph) The Central African Republic has legalized the use of crypto in its financial markets, but the country is yet to declare the digital assets as a legal tender.
The country is said to have unanimously approved a bill by the Minister of Digital Economy, Justin Gourna Zacko, amid protests by the opposition.
The intended crypto law aims to create a favorable environment to enhance the growth of the sector.
Crypto bill sponsor Zacko said that the law will simplify the processes of sending money, thus solving the difficulties currently being faced. The law is expected to aid businesses and traders make crypto payments, including tax, using authorized entities.
The law also provides for possible punishments for those who break it, including jail of up to 20% and hefty financial charge of up to 1 billion Financial Community of Africa francs.
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