Central African Republic Adopts Bitcoin as a Legal Tender Months After El Salvador

The Central African Republic has voted to to started accepting a popular digital unit of currency not as Bitcoin, as formally recognized  means of exchange and legal

 

The lawmakers of the country of about 5m people voted to the adoption bitcoin as legal tender. The Central African Republic, CAR, is now the second country in the world, and first country in Africa, to make this bold move of mass adoption of BTC as a unit of money, after El Salvador in September 7, 2021.

 

 

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, the president’s office said Wednesday.

 

 

The CAR “is the first country in Africa to adopt bitcoin as legal tender,” his chief of staff Obed Namsio said in a statement. “This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.

 

 

The landlocked state is one of the planet’s poorest and most troubled nations, with an economy that is heavily dependent on mining. The introduction was heavily criticised by the International Monetary Fund (IMF).

 

 

It warned of “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection” and with issuing bitcoin-backed bonds.