Crypto regulation in Cameroon

The Government of Cameroon has not legislated on cryptocurrencies yet and as such, no regulation or framework exists for the use or trade in cryptocurrencies. • However, in 2015, the Government of Cameroon reportedly trialled a bitcoin-like digital currency called Trest. Although the results of the tests were “excellent”, the high cost associated with electricity usage when processing cryptocurrency transactions acted as a hindrance to further testing of the use of cryptocurrencies within Cameroon.

Source: Baker Mckenzie

Cameroon is witnessing a gradual and steady crypto adoption. The buying and selling of cryptocurrency is not regulated in Cameroon nor is it illegal. The regulatory fallback position is traditional contract law, either business law (BtoB) or consumer law (BtoC) for the purpose of selling digital assets. As a result, anybody in Cameroon can create their own currency and sell it to the public in Cameroon and abroad for various purposes. Cameroonians can buy and sell cryptocurrency without any oversight of the regulator and crypto projects in Cameroon attempt to abide by international (soft) laws and practices that are being applied.

Source: Cointribune

Crypto assets are used as a means of payment by some merchants in Cameroon for it is cheaper and faster than resorting to FCFA (XAF). To some extent crypto-assets present numerous advantages for international trade in Cameroon since money can move freely and goods and services are delivered faster. The proof of payment is computationally non-reversible and the gas fee can be free in some instances.

The crypto asset that is mostly used in Cameroon for business is USDT due to its inherent stability. International investments are also made in the form of digital assets but this phenomenon is marginal. I expect it to grow along with democratization of crypto.

Source: Contribune