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The central African Republic adopts Bitcoin as legal tender
According to a report by Forbes Monaco, the sub-Saharan nation has reportedly adopted a bill that makes Bitcoin a legal tender in the country. With its new move, the government aims to put the nation's plan for "economic recovery and peacebuilding on 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 drafted bill that suggests a crypto regulatory framework and gives Bitcoin the position to become an official currency in the Central African Republic.
The massive adoption news is spreading like wildfire in the crypto community. The former CEO of the blockchain technology company Blockstream took it to Twitter, calling it "Another domino."
Massive crypto adoption in the region
According to a study by Chainalysis from 2021, crypto adoption in Africa has surged by more than 1200%. The rest of the world united reported a rise of 880% within the same period.By incorporating the blockchain technology required for the project's realization, the move will radically revolutionize the CAF's digital infrastructure. Millions of people gain from investing in cryptocurrencies, which even the opposition recognized.
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 significant interests which include prosperity and stability.
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