Central African Republic Now First African Country To Legalize Bitcoin

Bitcoin has been approved as legal tender in the Central African Republic. This makes it the first African country to do so, and the second in the world, after El Salvador.

The Central African Republic has accepted Bitcoin as a form of payment after the country’s National Assembly passed a resolution legalizing cryptocurrency, establishing a regulatory framework, and accepting Bitcoin as legal tender. The Central African Republic is now the first country on the continent to accept Bitcoin as a form of payment.

The bill was introduced by Justin Gourna Zacko, the country’s Minister of Digital Economy, Post, and Telecommunications, with the purpose of  “establishing a favorable environment for the financial sector that meets the needs of the profession in this sector and all economic actors.”

The Central African Republic’s economy is in desperate need of help, therefore policymakers have agreed to use bitcoin and cryptocurrency to strengthen the economy, as well as employ technology to digitize it in general. It joins El Salvador in making Bitcoin an official tender, and international agencies are likely to scrutinize it. Both the World Trade Organization (WTO) and the International Monetary Fund (IMF) have stated as much.

Countries that have made Bitcoin legal tender claim that it would help them grow their economies and usher in a new digital era. The Central African Republic, on the other hand, is yet to announce that the flagship digital asset has been designated as legal tender.

El Salvador is currently the only country in the world to have adopted cryptocurrency as legal cash, but the CoinMarketCap community thinks that Paraguay will be the next to do so. Venezuela and Anguilla also have a good chance, according to the polls, while the Central African Republic is in 11th place.

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