Following in the footsteps of El Salvador, the Central African Republic has officially adopted Bitcoin (BTC) as legal tender. The cryptocurrency will now coexist alongside the CFA franc
A second country turns to Bitcoin
For a few days, rumors have been circulating that the Central African Republic would adopt Bitcoin. Today, our colleagues at AFP have just confirmed this new milestone in the history of the queen of crypto-currencies
Central African Republic adopts bitcoin as legal tender (presidency) AFP pic.twitter.com/8rP0w5PoYC
– Agence France-Presse (@afpfr) April 27, 2022
On April 26, members of parliament unanimously passed a bill that makes Bitcoin a legal currency alongside the CFA franc and legalizes the use of cryptocurrencies in the country.
The Republic thus becomes the 2nd country in the world to take such an initiative, 8 months after El Salvador adopted Bitcoin.
A press release from the Minister of State and Director of Cabinet of the Presidency, Obed Namsio, states:
The Central African Republic is not only the first country in Africa to adopt Bitcoin as a reference currency, but also the first country in the world to unanimously adopt the bill governing the cryptocurrency. We are starting on a new path that will mark a new stage for our country. While being aware of the difficulties we will have to face to continue our mission. “
Considered the 2nd least developed country in the world according to the UN, the Central African Republic is taking a surprising initiative here. Indeed, only 11% of the country’s 4.83 million inhabitants have access to the internet, a relatively low figure for widespread adoption of cryptocurrencies in the country to become a reality.
However, the law could help the Central African Republic attract foreign investment, particularly from companies specialising in Bitcoin mining. With the mining industry currently one of the main sources of revenue for the Central African government, could cryptocurrency mining take over?
