Bitcoin again recognized as legal tender, this time in the Central African Republic

One more country adopts Bitcoin! – On September 7, 2021, the salvador and its president Nayib Bukele launched a movement that is set to grow: recognize Bitcoin (BTC) as legal tender. Now it’s the Central African Republic who is embarking on this economic and monetary revolution.

A bill to recognize Bitcoin as a currency in the Central African Republic

Regularly, parts of the world are adopting bitcoinor for example as a means of payment of taxesor outright to make one legal tender currencywith the same status as the national fiat currency.

This is the case today with Central African Republic (CAR) which, as its name suggests, is located in the heart of the African continent. Despite the horrors of a civil war which alternates latent and acute phases, this country of nearly 5 million inhabitants happens to be at the forefront of the adoption of cryptocurrencies.

Indeed, as revealed in particular by a publication in the Forbes newspaper, on April 21, 2022, the Central African National Assembly adopted unanimously a bill to make Bitcoin legal tender.

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Bitcoin, bearer of hopes for peace and economic recovery

They are the Minister for the Digital Economy, Gourna Zackoand the Minister of Finance and Budget, Calixte Nganongo, who initiated and introduced this Bitcoin Bill. Making Bitcoin an official currency in the country is part of the plan to “Economic Recovery and Peacebuilding” of the Central African Republic.

This Bitcoin Law will imply that BTCs are accepted as a legal means of payment throughout the nation. Unanimity in this vote in favor was obtained despite initial criticism from the opposition of the project.

Indeed, political opponents finally voted for this Bitcoin Law in order to “to support the higher interests of the nation”and to make it benefit “prosperity and stability”. Even if the final vote date of the law has not yet been announced, there is a good chance that the Central African Republic will be the whole first country of the African continent to adopt the king of cryptos as their currency.

While Bitcoin adoption can happen across entire countries, more local initiatives multiply also. Thus, at the beginning of March 2022, the city of Lugano in Switzerland, announced to accept payments by BTCas well as by the USDT stablecoin pegged to the US dollar, and issued by Tether.

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