Following in the footsteps of El Salvador, the Central African Republic has officially adopted Bitcoin (BTC) as its legal tender. The crypto-currency will now coexist alongside the CFA franc.
A second country turns to Bitcoin
For several days, rumors about the adoption of Bitcoin by the Central African Republic have been circulating. Today, our colleagues at AFP have just confirmed this new milestone in the history of the queen of crypto-currencies.
On April 26, members of parliament unanimously passed a bill that makes Bitcoin a legal currency alongside the CFA franc and legalizes the use of cryptocurrencies in the country.
The Republic thus becomes the 2nd country in the world to take such an initiative, 8 months after El Salvador adopted Bitcoin.
A press release from the Minister of State and Director of Cabinet of the Presidency, Obed Namsio, states:
“The Central African Republic is not only the first country in Africa to adopt Bitcoin as a reference currency, but is also the first country in the world to unanimously adopt the bill that governs the cryptocurrency. We are starting on a new path that will mark a new stage for our country. While being aware of the difficulties we will have to face to continue our mission.”
Considered the 2nd least developed country in the world according to the UN, the Central African Republic is taking a surprising initiative here. Indeed, only 11% of the country’s 4.83 million inhabitants have access to the Internet, a relatively low number for a general adoption of cryptocurrencies in the territory to become a reality.
However, the Central African Republic could, thanks to this law, attract foreign investment, particularly from companies specializing in Bitcoin mining. With the mining industry currently one of the Central African government’s main sources of revenue, could cryptocurrency mining take over?