The Central African Republic Adopted Bitcoin As an Official Currency

On Wednesday, the presidency announced that The Central African Republic has adopted the cryptocurrency Bitcoin as an official currency, being the first country in Africa and the second one in the globe to do so.

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Though the Central African Republic is rich with gold and diamonds, it is one of the world’s underprivileged and least-developed countries and has been dominated by rebels for years.

A statement signed by the chief of staff of President Faustin-Archange Touadera said the government has adopted a bill unanimously governing the use of cryptocurrency.

Namsio also told Reuters “The president endorses this bill as it will enhance the requirements of Central African citizens,”.

BEAC (Bank of Central African States) governs The Central African CFA Franc is a regional currency that is used by the Central African Republic.

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The two former ministers of the country have expressed their concerns by signing a petition regarding the adoption of Bitcoin without any guidance from BEAC. And they called it a serious offense.

A BEAC spokesperson talked to Reuters news agency and said that it has realized the need for enacting a new law on regulating cryptocurrency for the Central African Republic and also added the bank did not respond officially yet.

Anupama Das

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

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