COBAC, a CEMAC banking watchdog, thinks the embargo will preserve financial stability, according to a Reuters report. The agency allegedly said in a statement made following a special meeting on May 6 that it will also take efforts to detect and report crypto-related transactions.

Related Post:The Central African Republic has approved a bill to control cryptocurrency use

"COBAC recalled some limitations linked to the usage of crypto-assets in CEMAC to ensure financial stability and protect customer deposits." COBAC has resolved to take several steps toward establishing a system for recognizing and reporting cryptocurrency-related transactions, according to reports.

The Bank of Central African States has already advised the Central African Republic to reverse its plan to make bitcoin legal money. Rather than embracing cryptocurrencies, the regional central bank suggested that the CAR focus on following CEMAC's monetary measures, which it claimed would help alleviate chronic poverty.

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UK Stablecoin Regulation

Despite a crypto market crash last week, HM Treasury, the UK Treasury Department, is pressing on with intentions to oversee payment in stablecoins, according to The Telegraph on Saturday.

The confirmation came after Terra's fall, which saw algorithmic stablecoin terrausd (UST) lose its peg to the US dollar and terra (LUNA) plummet to near zero.

The Financial Services and Markets Bill, disclosed in the Queen's Speech, would include legislation to govern stablecoins when used as a form of payment.

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"This will establish the circumstances for issuers and service providers to operate and expand in the UK while guaranteeing financial stability and strong regulatory frameworks, allowing these new technologies to be utilized efficiently and securely," the spokesman said.

Last week, Prince Charles gave the Queen's Speech, which outlined the British government's legislative priorities for the coming parliamentary year. Two of the proposed measures directly reference cryptocurrency.

In April, the UK government published a comprehensive strategy to turn the country into a worldwide cryptocurrency powerhouse and "a welcoming environment for virtual currencies." Establishing a dynamic regulatory regime for crypto, regulating stablecoins, and collaborating with the Royal Mint to produce a non-fungible token (NFT) to be released by summer are part of the proposal.

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The proposal would "guarantee the UK financial services industry is constantly at the forefront of technology and innovation," according to Rishi Sunak, the British chancellor of the exchequer.

On the other hand, the Treasury says algorithmic stablecoins will not be included in the law since they do not ensure stability. The algorithmic stablecoin Terrausd (UST) is an example.