Bitcoin became legal money after lawmakers unanimously passed a bill legalizing the world’s largest cryptocurrency and other cryptocurrencies, according to a statement signed by Obed Namsio, chief of staff to President Faustin-Archange Touadera.
Bitcoin can now be used as legal tender alongside the Central African CFA franc – a currency governed by the Bank of Central Africa (BEAC) used by five other nations.
“The president supports this bill because it will improve the conditions of the people of Central Africa,” Namsio told Reuters.
According to the statement, the goal of adopting encryption as legal money is to open “new opportunities for our country”.
The Central African Republic is one of the poorest nations despite its vast reserves of gold and diamonds. He has also been fighting guerrilla violence for years.
“Cryptocurrency, including Bitcoin, is now considered the official currency in CAR,” Bloomberg quoted Albert Mokpeme, a spokesman for President Faustin-Archange Touadera, as saying on Thursday. “By legalizing the use of Bitcoin, [Central African Republic] hopes to attract investors “.
The Central African Republic is the second country to do so after El Salvador 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 Central African Republic move is an example of countries “struggling not to lag behind in this digital asset revolution,” said GlobalBlock analyst Markus Sotiriou.
“This is just one example of positive government support for encryption, as Brazil has passed a law regulating encryption in the country. This comes after a high-ranking Ukrainian official announced on Monday that Ukraine aims to become a top 5 country in “He has the ‘full support’ of President Volodymyr Zelenskyy,” he said.
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