The ministry said the lack of a regulatory framework in the country, which led to the proliferation of scams, 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 cryptocurrency players in Africa and the country.
In addition, the ministry will seek to use the meeting to estimate the extent to which the services offered by these actors are used. According to a report released in December 2020 by Prime Law Office, Cameroon, which has a very small community of blockchain retailers, does not have a single law governing cryptocurrency. The only legal framework governing digital currency, according to the report, is the Central African Economic and Monetary Community (CEMAC) regulation on the use of electronic money.
However, this law does not specifically regulate the transactions of cryptocurrency. It is this lack of specific laws governing the use of cryptocurrencies, as well as the increasing use of such currencies, which seems to have forced the Cameroonian government to act.