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Cameroon: COBAC Bans Cryptocurrency In Cemac zone

crpto banned
crpto banned

The sub-regional institutions continue to ban cryptocurrencies as a means of payment in the countries of the Economic and Monetary Community of Central Africa (CEMAC).

Meeting on 6 May 2022 during an extraordinary session, it was the Banking Commission of Central Africa COBAC that categorically rejected any use of cryptocurrencies in financial transactions in the region.

Cryptocurrencies are now banned in the Cemac zone (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea). This decision results from the will of the Cobac to “guarantee financial stability and preserve customer deposits”.

As a result, the COBAC prohibits any operation related to crypto-assets. It concerns “the subscription or holding of crypto-currencies of any kind for own account or for third parties“, says the financial institution.

The ban also applies to “the exchange or conversion, settlement or hedging in currency or CFA franc of transactions relating to crypto-currencies”.

Cobac’s decision comes after bitcoin was formalised as a legal currency in the Central African Republic on 27 April 2022. The CAR becomes the 2nd country in the world after Salvador to grant this status to the virtual currency. In Cameroon, proposals have been made to regulate the use of cryptocurrency. But so far, there is no regulation in this area.

Published on 30.06.2022

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