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Saturday, February 4, 2023

The Central African Republic Adopts Bitcoin As Legal Tender

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The Central African Republic Adopts Bitcoin As Legal Tender – The Central African Republic (CAR) has made bitcoin legal tender, according to the president’s office.  The action allowed the African country, the second in the world to recognize Bitcoin as a legal tender, allowing citizens to use it in everyday transactions and to pay taxes.

CAR lawmakers passed a bill that makes bitcoin and the CFA franc legal cash and legalizes the usage of cryptocurrencies in the country. President Faustin Archange Touadera thereafter signed the bill into law, according to his chief of staff, Obed Namsio.

According to Namsio, the CAR is “the first country in Africa to use bitcoin as legal tender.” “With this step, the Central African Republic joins the ranks of the world’s most daring and visionary nations.” The statement was made public via the President’s Facebook page. The news was initially reported by AFP on Wednesday morning.

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Also Read: Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency

The announcement contradicts a comment apparently made by CAR Finance Minister Herve Ndoba on Tuesday, in which he claimed that the legislation being passed did not reflect the Salvadoran adoption of bitcoin.

Last year, El Salvador became the first country in the world to include bitcoin in its list of legal currencies. On September 7, 2021, the Central American country’s Bitcoin Law went into effect, allowing citizens and businesses to deal in the peer-to-peer digital currency.

When El Salvador adopted bitcoin, the majority of the population did not have access to the banking system, but internet connection was common. CAR, on the other hand, is a different matter.

Also Read: Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions

In January 2021, only 11.4 percent of the population in the African country access to the internet, which could hinder widespread adoption of BTC, which relies on internet connectivity for peer-to-peer communication and payment transmission.

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