The Central African Republic has become the first country in Africa, and the second in the world after El Salvador, to make Bitcoin a national currency.
According to Forbes, the minister of digital economy and telecommunications, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, drafted a bill and framework for cryptocurrency regulation, making Bitcoin an official currency of the country. The report said:
“With cryptocurrencies, the Central African Republic is moving towards a new, avant-garde path of development and economic performance, a dynamic field which is popular among investors around the world, and ever-present as full-fledged assets in the portfolios of the world’s largest financial players.”
The dub-Saharan nation has long been suffering from poverty, poor human rights, and civil war, and the adoption of Bitcoin could help the country to work towards economic recovery and transform its digital infrastructure.
Bitcoin will be accepted as payment throughout country, along with CAR’s national currency – the Central African CFA franc.
On the Flipside
- The crypto market cap at large is currently down after seeing a 4.11% decrease in the last 24 hours. Bitcoin is currently trading below $40,000 at $38,529 as of this writing.