A letter from the bank’s Governor to the CAR’s finance minister and made public recently said the move suggests the CAR wants a currency beyond the bank’s control.
The regional bank’s letter goes on to suggest that using the cryptocurrency could upset monetary stability in the six-member Central African Economic and Monetary Community (CEMAC).
CEMAC members use the CFA Franc as currency a monetary union. The member states include:
the Central African Republic (CAR)
Republic of The Congo
The bank urged the CAR to comply with CEMAC in promoting economic and financial cooperation and avoiding policies that may lead to monetary fluctuations. The BEAC has also expressed concern that cryptocurrencies could make it easier for criminals to launder money and sponsor terrorism or rebellions in the region.
The Central African Bank said, instead of adopting Bitcoin, the CAR should implement CEMAC monetary policies to reduce endemic poverty.