(Kitco News) Following in El Salvador’s footsteps, the Central African Republic has adopted bitcoin as its official currency.
Bitcoin has become legal tender after lawmakers voted unanimously to pass a bill to legalize the world’s largest cryptocurrency and other cryptocurrencies, according to a statement signed by Lunch Namsio, chief of staff to President Faustin-Archang Tuadera.
Bitcoin can now be used as legal tender along with the regional Central African CFA franc, a currency managed by the Bank of Central African States (BEAC) used by five other countries.
“The president supports this bill because it will improve the conditions of Central African citizens,” Namsio was quoted as saying by Reuters.
According to the statement, the purpose of accepting crypto as a legal tender is to open up “new opportunities for our country”.
The Central African Republic is one of the poorest countries, despite vast reserves of gold and diamonds. He has also been fighting rebel violence for years.
“Cryptomaniacs, including bitcoin, are now considered the official currency of the CAR,” Albert Mokpeme was quoted as saying by Bloomberg, a spokesman for President Faustin-Archange Touadera. “By legalizing the use of bitcoin, [Central African Republic] hopes to attract investors. “
The Central African Republic is the second country to do so since El Salvador went down in history last year.
But only about 11% of the country’s population has access to the Internet, DataReportal reported. And more than 70% of the country’s 5 million people lived below the international poverty line in 2020, according to the World Bank.
The move by the Central African Republic is an example of countries “vying not to lag behind in this digital asset revolution,” said GlobalBlock analyst Marcus Sotiriou.
“This is just one example of positive support for crypto at the government level, as Brazil has approved a law regulating crypto in the country. This comes after a senior Ukrainian official announced on Monday that Ukraine aspires to become the world’s top 5 cryptocurrency law, while having the “full support” of President Vladimir Zelensky, “he said.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not an invitation to make any exchange of goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article is not responsible for any loss and / or damage resulting from the use of this publication.
Add Comment