Central African Republic adopts Bitcoin as legal tender

After El Salvador, the Central African Republic becomes the second country to adopt Bitcoin as a legal tender.

The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as a legal tender.

Earlier the country's parliament, called the National Assembly, had passed the Bill to make the cryptocurrency legal tender in the country. On Wednesday, a statement from President's office confirmed adopting Bitcoin as legal tender.

A statement from President Faustin Archange Touadera's office implied that the Bill had been approved and signed by the Minister of Digital Economy, Gourna Zacko, and the Minister of Finance and Budget, Calixte Nganongo.

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

Furthermore, as per multiple media reports, Obed Namsio, Chief of Staff, said in a statement, “This move places the Central African Republic on the map of the world’s boldest and most visionary countries."

In an attempt to aid the country's economic condition and as a part of peacekeeping efforts, The National Assembly unanimously approved the Bill and CAR is also the first African country to adopt Bitcoin as legal tender.

Several countries are looking at cryptocurrencies as a new asset class to drive the digital economy. Earlier, in September 2021, El Salvador became the first country to adopt Bitcoin as legal tender. In the month of March, the city of Lugano in Switzerland adopted Bitcoin, as well as stablecoins USDT Tether and LVGA, as de facto legal money.

Edited by Kanishk Singh


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