Bitcoin becomes official currency in Central African Republic

The Central African Republic (CAR) has approved Bitcoin as legal tender – just the second country to do so, the BBC reports.

CAR is one of the world’s poorest countries, but is rich in diamonds, gold and uranium.

Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency.

The move puts CAR “on the map of the world’s boldest and most visionary countries”, it said.

El Salvador became the first country to adopt Bitcoin as an official currency in September 2021 – a move criticised by many economists, including the International Monetary Fund.

In 2019, just 4% of people in CAR had access to the internet, according to the WorldData website. The internet is needed to use any cryptocurrency, including Bitcoin.

The country currently uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa.

Show More
Back to top button