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Cryptocurrency: Bitcoin Made Legal In Central African Republic

Bitcoin adopted in CAR

The Central African Republic has adopted bitcoin as legal tender, the president’s office said Wednesday, becoming the second country in the world to do so after El Salvador.

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies.

President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.

On this occasion, Authorities say “There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. “This time, we can actually say that our country is one step ahead.

According to the World Bank, the Central African Republic is a sparsely populated country of 5.4 million inhabitants. It is one of the poorest and most fragile countries despite its natural resources.
While some countries have expressed a favourable stance towards cryptocurrency usage and trading in their economies, others have banned or restricted their use.

In Nigeria, the Central Bank of Nigeria CBN had consistently warned over trading in crypto and issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.

Published on 05.05.2023

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