It's official: Central African Republic adopts BTC as an official currency
Central African Republic, a landlocked nation within the interior of the African continent, has adopted Bitcoin, the world's biggest cryptocurrency, as an official currency, as per a report from Reuters. The announcement was given by the President of the nation, Faustin-Archange Touadéra, on Wednesday.
Central African Republic becomes the second nation to adopt BTC
As confirmed by the report, Central African Republic is the second nation to adopt Bitcoin as an official currency after El Salvador, which did the same in September 2021. The nation is one of the poorest and least-developed nations in all of Africa. The development has been halted by the violence promoted by the rebels.The bill consisting of the stipulation of adoption of Bitcoin as an official currency was unanimously voted to legalization last week, said a statement signed by Obed Namsio, chief of staff of President Faustin-Archange Touadera. "The president supports this bill because it will improve the conditions of Central African citizens," Namsio told Reuters. The President believes that this is "a decisive step toward opening up new opportunities for our country."
Central African Republic uses the Central African CFA franc, a regional currency issued by the Bank of Central African States (BEAC). In this context, Cryptonary also reported that Joel Bomgar, the President of Próspera, confirmed BTC-friendly laws, while the President of Portugal's Madeira region said that no income tax would be applicable to the citizens.
Ministers oppose the decision
Two former ministers of the nation have resigned, calling this decision by President Touadera a "serious offense." Adopting Bitcoin as an official currency with approval from BEAC is not a good move, as per the ministers."The BEAC learned at the same time as the public of the enactment of a new law on cryptocurrency in Central African Republic," a BEAC spokesman told Reuter. The spokesperson also added that the bank doesn't even have an official response yet.
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