CAR First Africa To Adopt Bitcoin As Legal Tender

The Central African Republic (CAR) has made Bitcoin legal tender, making it the first in Africa and the second in the world after El Salvador. In a statement issued yesterday, Obed Namsio, President Faustin Archange Touadera's chief of staff, revealed that the president has signed a measure into law making Bitcoin legal tender alongside the CFA franc. Namsio stated that the bill, which would make cryptocurrencies legal tender in the country, has been unanimously passed by parliamentarians. Calixte Nganongo, Minister of Finance and Budget, and Gourna Zacko, Minister of Digital Economy, Postal Services, and Telecommunications, initiated and introduced legislation establishing the legal framework for cryptocurrency regulation in Central African Republic, as well as Bitcoin as an official currency. "This decision places the Central African Republic on the map of the world's most daring and visionary governments," Namsio remarked. The finance minister, Herve Ndoba, told Bloomberg last week that there is a widespread narrative that Sub-Saharan African countries are generally one step behind when it comes to adapting to new technology. "We can truly declare that our country is one step forward this time," Ndoba was reported as adding. According to the World Bank, the Central African Republic has a population of 5.4 million people. Despite its natural resources, it is one of the poorest and most vulnerable countries. While some governments have indicated support for cryptocurrency usage and trading in their economies, others have outright prohibited or restricted their use. In Nigeria, the Central Bank of Nigeria (CBN) has repeatedly warned against trading of cryptocurrency including Bitcoin, Ethereum and Solis; and issued a direction to banks to cancel accounts of individuals or businesses engaging in cryptocurrency transactions.

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