Central African Republic becomes the second nation to adopt BTC
As confirmed by the report, the Central African Republic is the second country to adopt Bitcoin as its official currency after El Salvador, which did the same in September 2021. The country is one of the poorest and least developed countries in all Africa. Development was halted by rebel-sponsored violence.
The bill to stipulate the adoption of Bitcoin as the official currency was passed unanimously for legalization last week, said a statement signed by Obed Namsio, chief of staff to President Faustin-Archange Touadera. “The president supports this bill because it will improve conditions for Central African citizens,” Namsio told Reuters. The president believes that this is “a decisive step towards opening up new opportunities for our country”.
The Central African Republic uses the Central African CFA franc, a regional currency issued by the Bank of Central African States (BEAC). In this context, Kripteu Magazine also reported that Joel Bomgar, the president of Próspera, BTC-friendly laws confirmedwhile the president of the Portuguese region of Madeira declared that no income tax would be applicable to citizens.
Ministers oppose decision
Two former ministers of the nation have resigned, describing this decision by President Touadera as “serious misconduct”. Adopting Bitcoin as the official currency with the approval of BEAC is not a good decision, according to the ministers.
“BEAC learned along with the public about the enactment of a new cryptocurrency law in the Central African Republic,” a BEAC spokesperson told Reuters. The spokesperson also added that the bank does not even have an official response yet.