This is Why Central African Banks Decided To Ban Cryptocurrencies!

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Central Africa’s banking regulator sent out a reminder on Friday about its ban on cryptocurrency, Just a week after the Central African Republic made a bitcoin legal tender. The Banking Commission of Central Africa (COBAC) which regulates the banking sector almost in six-nation, Economics and Monetary Community of Central Africa (CEMAC), said that the ban was meant to ensure its financial stability.  

The Central African Country on April 27 announced making a bitcoin legal tender, which is the second country to do so after El-Salvador. The announcement came after the disaster week of crypto experienced the drastic meltdown of algorithmic stablecoin UST and Terra’s native Luna asset resulting in big losses for the ones who were involved. 

Previously, the AFP news agency reported that the President Faustin Archange Touadera of CAR legalized cryptocurrencies and made Bitcoin a recognized currency in the country, after a unanimous parliamentary vote, signed on April 27. 

The move has recorded an important milestone for the country’s economic recovery, according to the post made by Obed Namsio, the CAR president’s chief of staff on the government’s official Facebook page.