The Central African Republic, CAR, has adopted Bitcoin as the official currency, alongside the CFA Franc, which it currently uses, and legalised the use of cryptocurrency in the country, becoming the first African country and the second in the world to do so.
On Wednesday, the National Assembly voted unanimously for the bill’s ratification sent in by the presidency last week.
As it is now legal tender, Bitcoin can be used for trade and exchange for value in the CAR.
However, not all stakeholders support the move, which President Faustin Archange Touadéra’s administration describes as “putting the Central African Republic on the map of the most courageous and visionary countries in the world”.
Two former prime ministers in the country last week wrote a letter expressing their concern about adopting Bitcoin as legal tender without guidance from the Bank of Central African States.
The BEAC governs the use of the CFA Franc as legal tender in six countries in the Central African region.
In 2021, El Salvador became the first country to adopt the use of Bitcoin as legal tender, a move that the International Monetary Fund denounced as dangerous for financial stability, financial integrity and consumer protection.
