The Central African Republic (CAR) has adopted Bitcoin as
legal tender, making it the first country in Africa to do so and the second
globally, after El Salvador.
In a statement on Wednesday, Obed Namsio, chief of staff to
President Faustin Archange Touadera, confirmed that the president had signed a
bill into law to make Bitcoin a legal tender alongside the CFA franc.
Namsio said lawmakers had unanimously passed the bill, which
would make the cryptocurrency legal tender in the country.
Calixte Nganongo, minister of finance and budget, and Gourna Zacko, minister of digital economy, postal services, and telecommunications, initiated and introduced the legislation establishing the legal framework for cryptocurrency regulation in Central African Republic, as well as Bitcoin as an official currency.
“This move places the Central African Republic on the map of
the world’s boldest and most visionary countries,” Namsio said.
Last week, Herve Ndoba, finance minister, told Bloomberg
that 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,” Ndoba was quoted as saying.
According to the World Bank, the Central African Republic is
a sparsely populated country of 5.4 million inhabitants. It is one of the poorest
and most fragile countries despite its natural resources.
While some countries have expressed a favourable stance
towards cryptocurrency usage and trading in their economies, others have banned
or restricted their use.
In Nigeria, the Central Bank of Nigeria (CBN) had
consistently warned over trading in crypto and issued a directive to banks to
close accounts of persons or entities involved in cryptocurrency transactions.
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