According to reports, the Cameroonian government is keen on regulating cryptocurrencies and will hold a seminar to discuss the challenges and risks of using such digital currencies in the country.

Scams are rampant

According to a report The seminar organized by the Cameroon Ministry of Commerce and the Cameroon Ministry of Posts and Telecommunications will be held in Yaoundé on November 15. At this conference, participants are expected to review mechanisms that help the government regulate the cryptocurrency sector.

The ministry stated that the country’s lack of a regulatory framework has led to the proliferation of fraud, prompting the government to organize the seminar. The report also revealed that the ministry will not only emphasize the importance of supervision, but will also seek to map out the cryptocurrency participants that exist in Africa and national territories.

The report explained that, in addition, the ministry will try to use this meeting to estimate the extent of utilization of the services provided by these participants.

Electronic money supervision

According to a report Cameroon Prime Law Office was released in December 2020 and has a very small community of blockchain dealers. There is no single law to regulate cryptocurrencies. According to the report, the only legal framework that regulates digital currency is the Central African Economic and Monetary Community (CEMAC)’s regulation of the use of electronic currency.

Nevertheless, the law does not specifically regulate cryptocurrency transactions. The lack of specific laws governing the use of cryptocurrencies and the increasing use of such currencies seem to force the Cameroonian government to take action.

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