Central African Republic (CAR) has become the first African country to adopt Bitcoin as legal tender.l, Platforms Africa reports.
President Faustin-Archange Touadéra has signed a bill into law to make Bitcoin a legal tender alongside the CFA franc.
Platforms Africa reports that the Chief of Staff to the President, Obed Namsio confirmed that the African country has become the second country to accept it after El Salvador.
Namsio stated that the lawmakers had unanimously passed the bill, which would make the cryptocurrency legal tender in the country.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” Namsio said.
Last week, the Finance Minister, Herve Ndoba told Bloomberg that there’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology.
“This time, we can actually say that our country is one step ahead,” Ndoba was quoted as saying.
The World Bank has earlier identified the Central African Republic as a sparsely populated country of 5.4 million inhabitants and one of the poorest and most fragile countries despite its natural resources.
While some countries have expressed a favourable stance towards cryptocurrency usage and trading in their economies, others including Nigeria have banned or restricted their use.
