Monday, June 17, 2024

Central African Republic Adopts Bitcoin As Legal Tender

The Central African Republic has become the second country, after El Salvador to adopt bitcoin as its legal tender. On Wednesday, the president, President Faustin Archange Touadera’s office released a statement announcing that the measure is now law.

The president’s chief of staff Obed Namsio said in a statement that the CAR “is the first country in Africa to adopt bitcoin as legal tender”, Namsio said.

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.

But a leading opposition figure contested the vote and said that the move aimed at undermining use of the CFA franc.

The CAR is one of the planet’s poorest and most troubled nations, locked in a nine-year-old civil conflict and with an economy heavily dependent on mineral extraction, much of which is informal.

The president’s statement reads in part,

“President of the Republic, Head of State, Professor Faustin Archange TOUADERA took note with satisfaction and enthusiasm of the unanimous decision of the National Assembly relating to the bill which establishes the legal framework which governs crypto – currencies and establishes Bitcoin as the official currency in the Central African Republic.”

“The adoption of Bitcoin as an official currency represents a decisive step towards opening up new opportunities for our country. By this historic decision, the plan for economic recovery and consolidation of peace is entering a new phase and the Executive is showing consistency in the application of the agenda which prevolts the achievement of strong and inclusive growth for the benefit, development, and economic performance, which ultimately will generate prosperity for our fellow citizens. President of the Republic, Head of State will support all the necessary efforts, in compliance with the law, in order to complete this process which places the Central African Republic on the map of the most courageous and visionary countries in the world, for all which means and implies the acceptance of cryptocurrencies as means of payment.”

“We are setting out on a new path that will mark a new stage for our country while being aware of the difficulties that we will have to face to pursue our mission. In a progressive, forward-looking vision, our Nation must be able to pursue its destiny and join the ranks of those who not only fully understand the importance of Blockchain technology, but who are also eager to legislate.”

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