Cameroon to Hold Workshop Examining Challenges and Risks of Using Cryptocurrencies

The government in Cameroon, which is reportedly keen on regulating cryptocurrencies, is set to hold a workshop that will look at the challenges and risks of using such digital currencies in the country.

Proliferation of Scams

According to a report by Business in Cameroon, the workshop, which is set to be held on November 15 in Yaounde, is being organized by the Ministry of Posts and Telecommunications. At this meeting, participants are expected to review mechanisms that will help the government to regulate the cryptocurrency sector.

The ministry said the country’s lack of a regulatory framework, which has led to the proliferation of scams, had prompted the government to organize the workshop. The report also revealed that the ministry will not only highlight the importance of regulation but will seek to map out cryptocurrency actors present in Africa and in the national territory.

In addition, the ministry will attempt to use the meeting to estimate the extent to which the services offered by these actors are utilized, the report explained.

Electronic Money Regulation

According to a report published in December 2020 by Prime Law Office, Cameroon, which has a very small community of blockchain dealers, does not have a single law that regulates cryptocurrency. The only legal framework that regulates digital money, according to the report, is the Central African Economic and Monetary Community (CEMAC) regulation on the use of electronic money.

Still, this law does not specifically regulate cryptocurrency transactions. It is this lack of specific laws governing the use of cryptocurrencies, as well as the growing use of such currencies, that appears to have compelled the Cameroonian government to take action.