A second country turns to Bitcoin
In recent days, rumors about Central African Republic’s adoption of bitcoin were circulating. This day, our colleagues from AFP have just confirm this new milestone in the history of the queen of cryptocurrencies.
The Central African Republic adopts bitcoin as legal tender (presidency) #AFP pic.twitter.com/8rP0w5PoYC
– Agence France-Presse (@afpfr) April 27, 2022
On 26 April, members of parliament unanimously adopted a bill which makes Bitcoin a legal currency alongside the CFA franc and which legalizes the use of cryptocurrencies on the territory.
The Republic therefore becomes the 2nd country in the world to take such an initiative8 months after the adoption of Bitcoin by El Salvador.
A Press release the Minister of State and Chief of Staff of the Presidency, Obed Namsioprecise :
“The Central African Republic is not only the first country in Africa to adopt Bitcoin as a reference currency, but also is the first country in the world to unanimously adopt the bill that governs cryptocurrency. We are embarking on a new path that will mark a new stage for our country. While being aware of the difficulties that we will have to face to pursue our mission. »
Considered the second least developed country in the world according to the UN, the Central African Republic is taking a surprising initiative here. In effect, only 11% of the country’s 4.83 million people have internet accessa relatively low figure for a general adoption of cryptocurrencies in the territory to become a reality.
However, the Central African Republic could, thanks to this law, attract foreign investment, in particular Bitcoin mining companies. As the mining industry is currently one of the main sources of revenue for the Central African government, could cryptocurrency mining take over?
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About the Author : Clement Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
All articles by Clément Wardzala.