By Adedapo Adesanya
The Central African Republic (CAR) has adopted Bitcoin as legal currency in the country, making it the first African nation to do so.
President Faustin Archange Touadera signed the measure into law on Wednesday, making it the second country in the world to do so behind El Salvador.
Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, the president’s chief of staff Mr Obed Namsio said in a statement today.
The CAR “is the first country in Africa to adopt bitcoin as legal tender,” Mr Namsio said.
“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.
On his part, Minister Justin Gourna Zacko, “As an individual, sending money to the Central African Republic elsewhere becomes very difficult and also receiving payments becomes difficult because it is controlled, it goes through the Central Bank and, there are many things.
“With cryptocurrency, there is no longer any control of the Central Bank. You have your money, you send to an investor for a company, you receive it in any currency, you can then swap it to Dollar, Euro, CFA or Naira.”
“There are so many advantages in cryptocurrencies of which I can not mention everything here, but we would have to have the legal frameworks first to allow any Central African to also benefit from this possibility of money transfers and to receiving money.”
El Salvador became the world’s first bitcoin adopter on September 7, 2021.
There are speculations that Panama may be next in line for adopting Bitcoin as a bill has been prepared for its adoption but has yet to pass.
There is also a proposal to make Bitcoin the official currency in Paraguay.
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