COBAC bans crypto currency exchange in CEMAC zone

The Central African Banking Commission (COBAC) has banned crypto currency exchange in all zones of the Economic and Monetary Community of Central Africa, CEMAC.

The decision was made during an extraordinary session which took place May 6, 2022.

The session was aimed at examining the impacts of crypto assets on the stability of Banking and financial systems of CEMAC.

In a release signed by Abbas Mahamat Tolli, Statutory Chairman of COBAC, it was revealed that the move is in a bid to guarantee financial stability and preserve customer deposits. They as well reiterated that measures will be taken to set up a system for the identification and reporting operations related to crypto currencies.

The countries which constitute the CEMAC zone include : Cameroon, Chad, Central African Republic, Gabon and the Republic of Congo.

This decision however comes shortly after the Central African Republic adopted the bitcoin as their country’s official currency.

By Amina Hilda.