Cameroon To Hold Workshop Examining Challenges And Risks Of Using Cryptocurrencies

THELOGICALINDIAN - The government in Cameroon which is reportedly agog on acclimation cryptocurrencies is set to authority a branch that will attending at the challenges and risks of application such agenda currencies in the country

Proliferation of Scams

According to a report by Business in Cameroon, the workshop, which is set to be captivated on November 15 in Yaounde, is actuality organized by the Ministry of Posts and Telecommunications. At this meeting, participants are accepted to analysis mechanisms that will advice the government to adapt the cryptocurrency sector.

The admiral said the country’s abridgement of a authoritative framework, which has led to the admeasurement of scams, had prompted the government to adapt the workshop. The address additionally appear that the admiral will not alone highlight the accent of adjustment but will seek to map out cryptocurrency actors present in Africa and in the civic territory.

In addition, the admiral will attack to use the affair to appraisal the admeasurement to which the casework offered by these actors are utilized, the address explained.

Electronic Money Regulation

According to a report appear in December 2020 by Prime Law Office, Cameroon, which has a actual baby association of blockchain dealers, does not accept a distinct law that regulates cryptocurrency. The alone acknowledged framework that regulates agenda money, according to the report, is the Central African Economic and Monetary Association (CEMAC) adjustment on the use of cyberbanking money.

Still, this law does not accurately adapt cryptocurrency transactions. It is this abridgement of specific laws administering the use of cryptocurrencies, as able-bodied as the growing use of such currencies, that appears to accept accountable the Cameroonian government to booty action.

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