According to recent reports, the Central African Republic has become the first African country and the second country in the world to anonymously adopt Bitcoin as legal tender.
Central African Republic Adopts Bitcoin as Legal Tender
According to a report by Forbes Monaco, the sub-Saharan nation has reportedly passed a bill making Bitcoin legal tender in the country. With its new initiative, the government aims to put the national “economic recovery and peacebuilding” plan on the right track.
Gourna Zacko, the Minister of Digital Economy, and Calixte Nganongo, the Minister of Finance and Budget, have submitted a proposal in the form of a draft law that suggests a crypto regulatory framework and gives Bitcoin the position to become an official currency in the Central African Republic.
News of the mass adoption is spreading like wildfire in the crypto community. The former CEO of blockchain technology company Blockstream took it to Twitter, calling it “Another domino.”
— Samson Mow (@Excellion) April 24, 2022
Mass adoption of crypto in the region
According to a 2021 Chainalysis study, crypto adoption in Africa has jumped over 1200%. The rest of the world combined recorded an increase of 880% during the same period.
By integrating the blockchain technology necessary to carry out the project, the move will radically revolutionize CAF’s digital infrastructure. Millions of people are gaining from investing in cryptocurrencies, which even the opposition has acknowledged.
Despite their initial resistance to the initiative, the legislative organizations Mouvement Coeurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) voted to promote the nation’s most important interests, including prosperity and stability.