The government of Cameroon is reviewing mechanisms to help regulate cryptocurrency amid increasing frustration and difficulty within this market.

This was one of the key takeaways from a national workshop in Yaounde The stakes, opportunities and risks of cryptocurrency in Cameroon.

The Minister of Posts and TelecommunicationsMinette Libom Li Likeng said the government organised the workshop to consult relevant stakeholders as it is keen to have a clear, operational and strategic understanding of cryptocurrency operations.

Discussions focused on challenges and security aspects of cryptocurrency, cryptocurrency lessons from other countries, cryptocurrency regulation and adoption, amongst others.

The Minister added that the government will work towards the implementation of co-regulation extended to all sectoral regulators, including the adaptation of legal framework to the evolutions imposed by convergence and innovation in the sector.

“Cameroon must pioneer the development of these technologies and position itself as the leader within the sub-region and beyond.”

She underlined the need for a digital ecosystem powered by crypto which is friendly to the advancement of the business climate in Cameroon.

“… there is significant interest in the topic and integration of these technologies into our national economy is inevitable as the wheel of technological innovation never stops.”

Minister Li Likeng said it was time to take action as cryptocurrencies and blockchain technology in general is on on the agenda of all policy makers worldwide.

“We must have the courage today to recognise that innovation is certain and will not fail to modernise not only our lifestyles, but also the circuits of settlement,transfers and compensation in the financial field. For the digital economy to benefit from these essential assets, central bank money must evolve,” she said.

The Bank of Central African States (BEAC), the sole central bank for the membership-based Central African Economic and Monetary Community (CEMAC), to which Cameroon is affiliated, has no law specific to cryptocurrency.