The Central African Republic, the second least developed country in the world according to the UN, has adopted bitcoin as an official currency alongside the CFA franc and legalized the use of cryptocurrencies, the presidency announced Wednesday, assuring that it is the first country to do so in Africa.
The National Assembly voted “unanimously” of the deputies present the law “governing cryptocurrency in the Central African Republic” and President Faustin Archange Touadéra has promulgated it, ensures in a statement the Minister of State and Director of Cabinet of the Presidency, Obed Namsio, adding: the Central African Republic is “the first country in Africa to adopt bitcoin as a reference currency.”
On September 7, 2021, El Salvador had become the first country in the world to adopt bitcoin as a legal tender, and the International Monetary Fund (IMF) had immediately denounced a decision that was dangerous for “financial stability, financial integrity and consumer protection.”
“This move puts the Central African Republic on the map of the most courageous and visionary countries in the world,” says instead the presidency of the Central African Republic, a country in civil war for nearly nine years.