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Tuesday, July 16, 2024

Central African Republic Accepts Bitcoin as Legal Tender

El Salvador became the first country in the world to adopt Bitcoin as legal tender

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The Central African Republic (CAR) has adopted Bitcoin (BTC) as legal tender, the president’s office said on Wednesday.

This makes the African country the world’s second nation to officially adopt Bitcoin (BTC) as a lawful currency after El Salvador, enabling its citizens to use it in regular commerce as well as to pay taxes.

According to a statement from President Faustin Archange Touadera’s office, the National Assembly passed, and he signed, a bill drafted by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo.

The Central African Republic (CAR) “is the first country in Africa to adopt bitcoin as legal tender,” Namsio said. “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”

El Salvador became the first country in the world to adopt Bitcoin as legal tender last year. The Central American country’s Bitcoin Law came into force on September 7, 2021, as citizens and businesses were given the green light to transact in the peer-to-peer digital currency.

Nayib Bukele, the President of El Salvador has always been bullish about the prospects of cryptocurrencies and actively speaks about them.

Despite this, many still believe Bitcoin and other cryptocurrencies are too volatile to acts as a currency in the real world. Recently institutional investors like Morgan Stanely, Goldman Sachs, etc have shown interest in Bitcoin and other cryptocurrencies and offering crypto related services to their client.

Also, many companies like Walmart, Shopify, Whole Foods, McDonald’s, Starbucks, AMC  started accepting Bitcoin as a mode of payment option via the Lightning Network.

“There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said, “This time, we can actually say that our country is one step ahead.”


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