The Central African Republic (CAR) has approved Bitcoin as legal tender on April 26 — just the second country to do so after El Salvador in September 2021.

Lawmakers voted unanimously to adopt the bill which establishes the legal framework which governs crypto-currencies and establishes Bitcoin as the legal tender in the Central African Republic, said a statement from the CAR presidency.

”The adoption of Bitcoin as official currency represents a decisive step towards opening up new opportunities for our country”, it said.

CAR is one of the world’s poorest countries which is wracked by conflict at the same time. Some experts believe that country economy is not ready for adoption of Bitcoin and this decision increases the risk of financial instability. Plus there are fears that cryptocurrencies could make it easier for criminals to launder money.

Of course there are other opinions: it is a very progressive step, no doubt. “Businessmen will no longer have to walk around with suitcases of CFA francs that will have to be converted into dollars or any other currency to make purchases abroad,” Economist Yann Daworo told BBC Afrique.

This probably controversial step is still a very important step for development of cryptocurrencies around the globe. I just wish this step would be made by a country where more than just 4% have access to web (WorldData website).

Share this article
The link has been copied!