IMF Forbids Central African Republic to Adopt Bitcoin As Legal Cash

The International Monetary Fund (IMF) has asked the Central African Republic not to adopt Bitcoin as legal cash otherwise it can create numerous issues. last week, following El Salvador, this country became the world’s second country to announce the acceptance of Bitcoin. The Central African Republic is the first African country to adopt Bitcoin as legal money.

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When El Salvador accepted Bitcoin, the world organizations highlighted the concerns for the macroeconomic and legal problems. Today, IMF warned Bloomberg that the Central African Republic’s adoption of Bitcoin as legal money can create problems regarding legal, transparency, and monetary policies.

With each passing day, CAR is involving it more in the crypto trade like other countries and businesses thinking that it will help the country from the economical suffering.

The government of CAR stated that the usage of Bitcoin as legal trade will aid the country’s economic recovery and make it flourish, along with that will stabilize the country, which has been smashed by a long civil war.

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But the data says that only 4% of the total population in the Central African Republic had an internet connection in the year 2019. And CFA Franc is the country’s currency like other French colonies in Africa.

Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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