Tuesday , October 4 2022

Central African Republic adopts bitcoin as legal currency

The Central African Republic has adopted bitcoin as legal tender, becoming the second country in the world to make the move after El Salvador.

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.

El Salvador became the world’s first bitcoin adopter on September 7.

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.

 

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About Chinenye Nwabueze

Nwabueze is a writer with passion for cutting-edge news

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