Central African Republic will adopt Bitcoin as legal tender: Report

Central African Republic will adopt Bitcoin as legal tender: Report

According to reports, about 5 million residents of the Central African Republic or CAR will now be able to use Bitcoin in addition to the country’s franc as legal tender.

According to a report by news outlet AFP on Wednesday, the President of the Central African Republic, Faustin-Archan Touadella, signed a bill establishing the use of cryptocurrencies in the country and the adoption of Bitcoin (BTC) as legal tender. The regulatory framework for the currency. Presidential chief of staff Obed Namsio said the move is aimed at making the CAR one of the world’s “boldest and most visionary” cars.

Previous reports of CAR legalizing the use of cryptocurrencies in the country’s financial markets did not include the adoption of BTC as legal tender. According to reports, lawmakers unanimously approved the encryption bill proposed by the country’s digital economy, postal and telecommunications minister, Justin Gurna Zako.

The impact of the report will see CAR be added to the list of countries that have adopted Bitcoin as legal tender. In September 2021, El Salvador’s Bitcoin law came into effect, establishing the cryptoasset as a currency alongside the U.S. dollar. The Latin American country is also preparing to create Bitcoin City, a small town funded by $1 billion worth of BTC bonds.

Central African Republic currency.Source: Wikipedia

Related: IMF Urges El Salvador to Remove Bitcoin as Legal Tender

With a gross domestic product of about $2.4 billion, the Central African Republic is classified as a “repressed” economy, according to the Heritage Foundation’s 2022 Index of Economic Freedom. It is unclear how the adoption of Bitcoin will affect residents of the country.

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