Bitcoin Becomes Legal Tender In Central African Republic

History was made on Wednesday as the Central African Republic (CAR) becomes the first country in Africa to adopt Bitcoin as legal tender.

CAR also becomes the second national to have done so globally, after El Salvador.

Obed Namsio, Chief of Staff to President Faustin Archange TouaderaIn, made this known via a statement on Wednesday, confirming that the president had signed a bill into law to make Bitcoin a legal tender alongside the CFA franc.

Namsio said lawmakers had unanimously passed the bill, which would make the cryptocurrency legal tender in the country.

Calixte Nganongo, minister of finance and budget, and Gourna Zacko, minister of digital economy, postal services, and telecommunications, initiated and introduced the legislation establishing the legal framework for cryptocurrency regulation in Central African Republic, as well as Bitcoin as an official currency.

According to Namsio, “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”

Ndoba was also quoted as saying, “This time, we can actually say that our country is one step ahead.”

The Central African Republic is a country with over 5.4 million inhabitants.

It is one of the poorest and most fragile countries despite its natural resources.

In Nigeria, the Central Bank of Nigeria (CBN) had consistently warned over trading in crypto and issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.