Bitcoin chosen as the official currency of the Central African Republic

After El Salvador, the Central African Republic (ZAR) is the second country to adopt Bitcoin as its official currency. CAR, which has a population of 4.83 million, has allowed BTC as a fiat currency alongside the existing CFA franc.

Bitcoin is elected official currency of Central African Republic - Photo 1.

President Faustin Archange Touadera announced that the National Assembly legislatures unanimously passed a law that he allowed to go into effect. The President’s Office said it would put CAR “on the map of the boldest and most visionary countries in the world.”

Gourna Zacko, Minister for Digital Economy, said:With cryptocurrencies, there is no longer any central bank control. You have your money, you send an investor to a company, you get it in any currency, you can have it in USD, Euro, CFA or Naira“.

The move comes less than a year after El Salvador became the first country in the world to adopt bitcoin as legal tender, allowing citizens to pay for goods, services and taxes.

Several other countries have been keeping a close eye on the Central American country to see if Bitcoin can provide economic benefits, such as: B. avoiding hyperinflation and reducing dependence on the US dollar as a substitute currency. global storage.

According to World Bank data, the Central African Republic will likely face more challenges than El Salvador in implementing Bitcoin, as less than 20% of the population has access to the internet.

Meanwhile, an internet connection is required to spend and receive bitcoins through an app on a smartphone or tablet.

According to the Independent

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