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Central African Republic declares Bitcoin a legal tender

Central African Republic declares Bitcoin a legal tender
Photo Credit: Pixabay
28 Apr, 2022
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The Central African Republic (CAR) has become the first country in Africa to declare Bitcoin a legal tender. The country, however, is the second in the world to do so. Earlier, El Salvador had adopted Bitcoin as an official currency. 

On Wednesday, a statement from President Faustin-Archange Touadera’s office confirmed the move. 

A Bill governing the use of cryptocurrency was adopted unanimously by the country’s parliament last week, as mentioned in a statement signed by Obed Namsio, chief of staff to the President. He was quoted as saying, “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”  

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“Cryptomoney including Bitcoin is now considered an official currency in CAR,” Albert Mokpeme, the spokesman told Bloomberg. He also said, “By legalising the use of Bitcoin, CAR hopes to attract investors. 

Its use would ease money transfers that can “sometimes be complicated in our country”, he said. 

Also read: ‘We’re taking a prudent decision on crypto regulation’: Sitharaman

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While El Salvador and the Central African Republic have adopted bitcoin as a legal tender, the Ukrainian government has accepted donations in cryptocurrencies and has raised more than $100 million to generate resources for its war against Russia. 

The decision comes at a time when the government of India is in no hurry to take any step regarding virtual currency. Instead, Union Finance Minister Nirmala Sitharaman has clarified that the government is taking a prudent decision on the regularisation of cryptocurrencies.