The Central African Republic (CAR) Becomes the First Country to Officially Adopt a Law on Tokenization
The law of July 24, 2023, governing the tokenization of natural and land resources, has just been promulgated by the head of the Central African Republic therefore becoming the first country to officially adopt a law on the use of cryptocurrency. This marks a strategic turning point in mobilizing financial resources for the development of local communities.
After deliberation and unanimous adoption by the National Assembly, the President of the Central African Republic, Professor Faustin Archange Touadéra, has just promulgated the law of July 24, 2023, governing the tokenization of natural and land resources.
This process, based on Blockchain technology and allowing for the valuation and materialization of real assets in the digital world, is governed by a legal framework linked to the cryptocurrency law in the Central African Republic of April 22, 2022, modified and supplemented by the one of April 6, 2023.
Thanks to this pivotal moment, the country is embarking on, as stated in the Presidency’s announcement of August 17, 2023, “a significant shift towards the adoption of an innovative system for mobilizing financial resources to promote the development of local communities.” This strategic shift, according to the President’s perspective, involves the adoption of Blockchain technology. “The President of the Republic aims to position our nation as a key partner in the global financial landscape,” states Obed Namsio, Minister of State and Director of the President’s Cabinet, who is also a signatory of the statement.
Source: Ecomatin