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Report: The Central African Republic Requests Regional Central Bank’s Assistance in Crafting Crypto Regulations

Report: The Central African Republic Requests Regional Central Bank's Assistance in Crafting Crypto Regulations

A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the Bank of Central African States.”

Developing a Crypto Regulatory Framework

After initially clashing with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in developing the “regulatory framework governing crypto assets” from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group’s statutes.

By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), the CAR may be signaling its willingness to end a feud that started after it made bitcoin legal tender.

As previously reported by Bitcoin.com News, the CAR decision has been criticized by its peers in the region. The global lender, the International Monetary Fund (IMF) also warned the country’s leadership against making bitcoin legal tender. However, before this latest report, the CAR had largely ignored the warnings and had proceeded to launch a cryptocurrency known as the Sango coin.

Yet, according to a report in the Business in Cameron, the announcement of the BCAS rapprochement with President Faustin-Archange Touadéra’s government was made after a meeting of the Central African Monetary Union (CAMU)’s ministerial committee on July 21.

The report also added that the BCAS’ Herve Ndoba and the CAR’s Minister of Finance and Budget had both signed the statement that signaled the two parties’ commitment to work together again.

The CAR Committed to a Single Regional Currency

Outlining what the CAR’s reiteration of its commitment to a single currency means, the BCAS document states:

After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community’s regulatory architecture in monetary and financial terms, the Board of Directors welcomed the expression by the CAR of its commitment to the single currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments.

Meanwhile, the Business in Cameron report suggested that the comments by both the BCAS and CAMU signal that cordials have relations with France — the custodian of the regional economic group’s currency, the CFA francs — may have been restored.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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MEXC launches STORY (IP) launchpool & airdrop+, offering 68,500 IP & 50,000 USDT in bonuses

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP). This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool…

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP).

This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool and an Airdrop+ offering 8,500 IP plus 50,000 USDT—this collaboration further accelerates the growth of the STORY network while driving innovation in the blockchain space.

MEXC Supports the STORY Network with the Launch of IP Launchpool

In the digital age, traditional intellectual property (IP) management faces growing challenges. Centralized platforms and complicated intermediaries often lead to inefficiencies, high costs, and trust issues for creators. As a Layer 1 blockchain built with Cosmos SDK, STORY combines DeFi and AI technologies to offer automated, transparent, and cost-effective IP management solutions. With full EVM compatibility and a modular architecture, STORY empowers creators to tokenize their IP assets, automate royalties, and simplify licensing processes. MEXC’s support of the STORY network highlights the growing importance of such innovations in blockchain.

As a global leader in digital asset trading, MEXC consistently supports innovative blockchain projects. Its Launchpool initiative with STORY reaffirms this commitment. This collaboration not only strengthens the STORY ecosystem but also empowers global creators and developers to explore the potential of decentralized IP management. MEXC’s broad market coverage and strong liquidity offer the environment for blockchain projects like STORY to thrive and bring new possibilities to the digital economy. By allowing users to stake USDT, MX, and IP tokens to earn rewards, MEXC provides a platform for increased exposure and growth for STORY. Visit the STORY (IP) pre-market page to see this innovation in action.

Celebrate the IP Launchpool & Airdrop+ with a Prize Pool of 68,500 IP & 50,000 USDT

As a pioneer in the cryptocurrency industry, MEXC continues to foster innovation and support emerging blockchain ecosystems. MEXC is hosting two major STORY (IP) events: the Airdrop+ event, running from February 12, 2025, 10: 00 (UTC) to February 26, 2025, 10: 00 (UTC), featuring 8,500 IP plus 50,000 USDT in rewards, and the Launchpool, taking place from February 12, 2025, 10: 00 (UTC) to February 15, 2025, 10: 00 (UTC), with a 60,000 IP reward pool. These initiatives underscore MEXC’s ongoing commitment to advancing blockchain innovation and delivering valuable opportunities to the crypto community.

These activities include:

Event 1: IP Launchpool – Stake USDT, MX & IP to Share 60,000 IP
Event 2: Join Airdrop+ to Share 8,500 IP & 50,000 USDT bonus
- Perk 1: Deposit and Share 5,600 IP (New User Exclusive).
- Perk 2: Spot Challenge – Trade to Share 1,700 IP.
- Perk 3: Futures Challenge – Trade to Share 50,000 USDT in Futures Bonuses.
- Perk 4: Invite New Users and Share 1,200 IP.

MEXC continues to expand its market share in the centralized exchange space, leveraging its first-mover advantage in listing promising and valuable projects. As one of the leading cryptocurrency exchanges, with its commitment to innovation, user-centric approach, and strategic focus on early-stage token listings, MEXC remains at the forefront of the crypto industry, providing strong access to the rapidly growing blockchain ecosystem.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

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Jailed BTC-e operator Vinnik released in US-Russia prisoner swap

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia. Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel. Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.…

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia.
Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel.

Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.

The former operator of the Russian crypto exchange BTC-e will head to Russia after the Kremlin reportedly agreed to an exchange involving US national Marc Fogel.

According to the BBC, the White House confirmed the prisoner exchange,with Trump having spoken to Fogel.The schoolteacher left Russia on Tuesday, Feb. 11.

Who is Vinnik?

Alexander Vinnik, 44, is a crypto kingpin that operated the Bitcoin exchange BTC-e. Authorities arrested Vinnik in 2017 in Greece, with the Department of Justice filing charges of money laundering involving nearly $4 billion.

According to prosecutors, Vinnik allowed cyber criminals to use BTC-e to launder and store proceeds of crimes, including crypto hacks, ransomware attacks and identity theft.

The Russian national’s reign at the helm of the exchange saw him promote the platform to perpetrators of these crimes. US authorities blamed him for the loss of $121 million.

Notably, New Zealand police also seized $90 million from the BTC-e operator.

Vinnik’s guilty plea in May 2024 meant he faced up to 20 years in prison.

The prisoner swap that sees him leave custody comes after his lawyers failed in a previous attempt to have included in other US-Russia prisoner exchanges. One such push involved the deal that saw Evan Gershkovich, a Wall Street Journal reporter formerly imprisoned in Russia, released.