The poverty-stricken African country recently decided to follow El Salvador’s example and become the second in the world to officially recognize bitcoin as an official currency. The problem is that the Central African Republic shares a currency, the CFA franc, with five other countries in the region. The central bank’s headquarters are in neighboring Cameroon, where politicians point out that the Central African Republic cannot so simply adopt a new currency.
The Central African government sees bitcoin as a way to put the country on the map. However, it is questionable whether many people will be able to use cryptocurrency because, according to the United Nations, the country is the second poorest in the world. This is partly due to a civil war that has lasted nearly nine years.