The Central African Republic adopts Bitcoin as legal tender
A Second Country has adopted Bitcoin as a form of Legal Tender!!!
Following in El Salvador’s Footsteps, the Central African Republic has elevated the cryptocurrency to the same status as the CFA franc. This comes eight months after El Salvador became the first country in the world to embrace BTC as a form of legal tender.
President Faustin Archange Touadera has signed this radical measure into law — meaning cryptocurrencies can now be legally used for purchases.
The Central African Republic is one of the world’s poorest countries — and just 11% of the population have access to the internet.
In an interview with Bloomberg, Finance Minister Herve Ndoba said:
“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.”
According to local media, the bill was unanimously passed by the Central African Republic parliament on April 21. A minister of CAR said cryptocurrencies have the potential to simplify the process of sending funds to the Central African Republic.
The CAR’s move is likely to trouble the International Monetary Fund, which has been fiercely critical of El Salvador’s Bitcoin Law.
Here’s the official press release:
The world is starting to agree that Bitcoin is the “Freedom of Money”.
#crypto #bitcoin #ethereum #trading #anypad #blockchain
As written by Niranjan Duguta
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