Faced with a pressing demand from fintechs to regulate cryptocurrencies in CEMAC, (Cameroon, Gabon, Congo, Chad, Equatorial Guinea and Central African Republic), the Bank of Central African States (Beac) is opposing a end of non-receipt. The central bank reaffirmed its opposition during the first forum dedicated to fintech, which it organized from January 29 to 31, 2024 in Douala. Reason: cryptocurrencies could dry up the community’s currency stocks.
“Cryptocurrencies are not yet part of the central bank model. We must all be aware that every time we buy abroad, we spend our foreign currency stocks and weaken our currency. If people think that crypto-assets are a way to preserve their savings, they must not forget that they transform the CFA franc into dollars or euros which constitute our common stocks and thus weaken our currency ,” he said. indicated the general director of operations of Beac, Jean-Clary Otoumou.
Nevertheless, according to this senior official, reflection “is still ongoing” regarding the creation of a blockchain (technology which makes it possible to keep track of a set of transactions, in a decentralized, secure and transparent manner) or a central bank digital currency. But he clarifies, “we do not think in the same way as the players in crypto-assets or fintechs” . The latter believe that the banking system is cumbersome and restrictive. They consider blockchain to be a secure and agile means and call for regulation. “Today, most merchants buying in Asia place their orders and pay their suppliers in cryptocurrency. This has the advantage of reducing procedures and delays ,” explains the general director of UBTS, Armand Gaëtan Ngueti, who chairs the Blockchain association Cameroon (BAC), an association which promotes the support and adoption of digital currencies.
According to the latter, the Blockchain market represents annual transactions in Africa of 100 billion dollars, or more than FCFA 60,000 billion at the current value of the American dollar. According to the study on the development of cryptocurrency and activities relating to the Ponzi system in Cameroon, presented on August 24, 2023 by the Ministry of Finance (Minfi), Cameroon has nearly 900,000 cryptocurrency users, or 6 .76% of the active population. This places Cameroon in 11th place in Africa for cryptocurrency users, a ranking dominated by Nigeria (22.33 million users).
Despite everything, the Beac maintains its opposition to the regulation of cryptocurrency while since August 1, 2022, the Central African Financial Market Surveillance Commission (Cosumaf) has, in its new regulation, taken cryptocurrencies out of the maquis without however grant them the legal status of currency. Even the Central African Republic (CAR) appears to have put a stop to the use of bitcoin as legal tender.
Frédéric Nonos