Crypto News: Bitcoin Adopted As Legal Tender In Central African Republic

Crypto News – Bitcoin has been adopted as legal currency in the Central African Republic (CAR), the presidency announced on Wednesday.

iexclusivenews reports that CAR becomes the first African nation and the second in the world to officially embrace bitcoin.

This online news outlet understands that the government stated that the citizens can use it in regular commerce and also to pay taxes.

What You Need To Know

Bitcoin and the CFA franc became legal cash after lawmakers adopted a bill authorizing the usage of cryptocurrencies.

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iexclusivenews Nigeria reports that the President Faustin Archange Touadera has signed it into law, according to Chief of Staff Obed Namsio.

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries”, Namsio said in a statement.

Meanwhile iexclusivenews reports that CAR is one of the world’s poorest countries, but is rich in diamonds, gold and uranium.

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It has been wracked by conflict for decades and is a close Russian ally, with mercenaries from the Wagner Group helping fight rebel forces.

According to a statement from the CAR presidency, lawmakers agreed overwhelmingly to make Bitcoin legal tender.

In 2021, El Salvador became the first country to declare bitcoin a legal currency

What People Are Saying

People have expressed concerns that cryptocurrencies like Bitcoin could make it easier for criminals to launder money. And that they are environmentally harmful due to their high energy consumption.

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The internet is required to utilize any cryptocurrency. However according to the WorldData website, only 4% of people in CAR have internet access in 2019.

The country, like most other former French colonies in Africa. Uses the CFA franc as its currency, which is backed by France.

Some see the adoption of Bitcoin as an attempt to undermine the CFA. Amid a contest for influence over the resource-rich country between Russia and France.