The Central African Republic has recently formally adopted Bitcoin (BTC) as legal money, following in the footsteps of El Salvador. The cryptocurrency is now coexisting with the CFA.
Rumors regarding the Central African Republic adopting Bitcoin have been circulating for a few days. Today, our AFP colleagues confirmed this new significant milestone in the history of the queen of cryptocurrencies.
Members of parliament unanimously approved a law on April 26 that makes Bitcoin a legal currency alongside the CFA franc and legalizes the usage of cryptocurrencies in the territory.
As a result, the Republic becomes the world’s second country to implement such a move, just eight months after El Salvador adopted Bitcoin.
According to a press statement issued by Obed Namsio, Minister of State and Chief of Staff to the Presidency:
“The Central African Republic is not only the first country in Africa to adopt Bitcoin as a reference currency, but also is the first country in the world to unanimously adopt the bill that governs cryptocurrency. We are embarking on a new path that will mark a new stage for our country. While being aware of the difficulties that we will have to face to pursue our mission. »
Considered the second 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 figure for the general adoption of cryptocurrencies in the territory to become a reality.
However, the Central African Republic may be able to attract international investment, particularly from companies specializing in Bitcoin mining, as a result of this law.
The mining business
Could bitcoin mining replace one of the Central African government’s key sources of revenue?