The Central African Republic follows in the footsteps of El Salvador, which adopted Bitcoin as legal tender last year.
Apr 27, 2022
The Central African Republic has adopted Bitcoin as an official currency, the presidency said on Wednesday, making it the first country in Africa and only the second in the world to do so.
Despite rich reserves of gold and diamonds, the Central African Republic is one of the world’s poorest and least-developed countries and has been gripped by rebel violence for years.
A bill governing the use of cryptocurrency was adopted unanimously by parliament last week, said a statement signed by Obed Namsio, chief of staff of President Faustin-Archange Touadera.
“The president supports this bill because it will improve the conditions of Central African citizens,” Namsio told Reuters, without elaborating.
In the statement, he called it “a decisive step toward opening up new opportunities for our country”.
The Central African Republic is one of six nations that use the Central African CFA franc, a regional currency governed by the Bank of Central African States (BEAC).
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