Connect with us

Business & Economy

Breaking: Popular African Country Adopts Bitcoin As Legal Currency

Published

on

The Central African Republic has adopted bitcoin as legal tender, becoming the second country in the world to make the move after El Salvador.

 

Advertisement

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, the president’s office said Wednesday.

 

Advertisement

The CAR “is the first country in Africa to adopt bitcoin as legal tender,” his chief of staff Obed Namsio said in a statement.

 

Advertisement

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.

 

Advertisement

The landlocked state is one of the planet’s poorest and most troubled nations, with an economy that is heavily dependent on mining.

 

Advertisement

El Salvador became the world’s first bitcoin adopter on September 7.

 

Advertisement

The introduction was heavily criticised by the International Monetary Fund (IMF).

 

Advertisement

It warned of “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection” and with issuing bitcoin-backed bonds.

Advertisement
Advertisement










Also Read...