Bitcoin: African Country Adopt Bitcoin as Legal Tender

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The central African Republic (CAR) sets the pace in Africa as the first African country to adopt Bitcoin as legal tender.

More countries warm up to Digital currencies

This year has seen more countries warm up to digital currencies. A situation which is clear from the wave of regulation going on in Europe, the UK and other parts of the world. Despite the fact, no country after El Salvador has adopted Bitcoin or other cryptocurrencies as a legal tender. The outlook has been mixed. Somewhat negative in places like India and its huge tax burden on cryptocurrencies. And positive in Africa where recently an African nation adopted Bitcoin as a payment currency.

Central African Republic Adopt Bitcoin

Per a report by Forbes Monaco, The Central African Republic became the first country in Africa to adopt Bitcoin as a payment currency. This came as the country’s National Assembly unanimously adopted a bill to this effect. The bill will help put the plan for economic recovery and peacebuilding on track.

Gourna Zacko and Calixte Nganongo, the ministers of the digital economy, post services and telecommunications, and Finance and Budget respectively. Both formulated and submitted The law establishing the legal framework for crypto regulation and establishing Bitcoin as an official currency.

According to the Forbes report;

The application of the legal-tender implies the acceptance of cryptocurrencies as a legal means of payment established through specific legislation. With cryptocurrencies, the Central African Republic is moving towards a new, avant-garde path of development and economic performance, a dynamic field which is popular among investors around the world and ever-present as full-fledged assets in the portfolios of the world’s largest financial players.

The country’s opposition parties, Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) initially opposed the bill. But later warmed up to the bill, which led to its unanimous acceptance in the country’s parliament. Citing that the bill is for the country’s best interest, to benefit from the prosperity and stability.

This means that the African country has fully adopted Bitcoin as a means of payment. Which will definitely transform the country’s digital infrastructure. The adoption of Bitcoin CAR will open it up to a wider application of blockchain technology, necessary for its implementation.

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