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Yaounde, Cameroon — The Cameroon-headquartered Bank of Central African States (BEAC) has urged the Central African Republic (CAR) to annul a law it passed in late April that made the cryptocurrency Bitcoin legal tender. The bank warned in a letter made public last week that the move breached its rules and could affect monetary stability in the region.

BEAC said the CAR’s decision to make Bitcoin legal tender could compete with the Central African Franc (CFA), the region’s France-backed currency.

A letter from the bank’s governor to the CAR’s finance minister dated April 29, and made public last week, said the move suggests the CAR wants a currency beyond the bank’s control.

The regional bank’s letter goes on to suggest using the cryptocurrency could upset monetary stability in the six-member Central African Economic and Monetary Community (CEMAC).

CEMAC members, including the CAR, Cameroon, Chad, Gabon, Equatorial Guinea, and the Republic of Congo, use the CFA Franc as currency.

Read the original article on VOA.