Cryptocurrency, Bitcoin and the law in Cameroon

Cryptocurrency, Bitcoin and the law in Cameroon

 

Cryptocurrency and the Law in Cameroon by Nnoko Jervis 

Cameroon has a very small community of block chain dealers as compared to Nigeria and South Africa. Cryptocurrency is trending amongst youths in Cameroon. It has been very profitable to some youths or dealers. Even though there are some fraudsters in the business, the risk of investing into it is minimal.

Is cryptocurrency illegal in Cameroon?

There is not a single law that regulates cryptocurrency in Cameroon. The only legal frame work that regulates electronic money is the CEMAC regulation on the use of Electronic money which is titled “Regulation No. 01/11-CEMAC/UMAC/CM”. This law however doesn’t specifically regulate cryptocurrency transactions.

This area of business is therefore profitable as there is no tax and little regulations, given enough room to these dealers to navigate the market freely. Out of ignorance, these dealers face police harassment on a daily basis as the forces of law and order believe cryptocurrency to be a fraud scheme. The legal principle of nulla poena sine lege will always apply to negate this ignorance.

Even though cryptocurrency is not regulated in Cameroon, the purpose of the e-transaction might be regulated by the laws of Cameroon and the Central Bank of Central African States. Activities such as money laundering and financing terrorism are punishable by the penal code of Cameroon and other regional laws.

Cameroonians can therefore buy, sell and use bitcoin as they want except the purpose of the transaction is not contravening any law.

Do you have plans setting up a cryptocurrency firm?

For more information about reputable dealers in cryptocurrency in Cameroon, the procedure for establishing a crypto firm and legal representation for crypto transactions, 

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