This country adopts Bitcoin as its official currency

The Central African Republic has adopted the bitcoin as the official currency along with the CFA franc and started using cryptocurrencies.

This is what the Presidency of the Republic announced today, indicating that it is the first African country to do so.

National Assembly deputies unanimously passed a law that “regulates cryptocurrency in the Central African Republic” and was ratified by President Faustin Arkang Touadera, AFP reported.

The Minister of State and Chief of Staff of the President of the Republic, Obid Namsiu, said that the Central African Republic is “the first country in Africa to adopt Bitcoin as its reference currency “.

On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as its fiat currency and the International Monetary Fund immediately warned of a decision that threatens “financial stability, financial integrity and consumer protection”.

On the contrary, the Presidency of the Republic believes that “this measure places the Central African Republic on the map of the bravest countries in the world”.

The country has witnessed a civil war for nearly 9 years and is considered the second least developed country in the world, according to the United Nations.

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