Should you buy Bitcoin from Litebit before mass state adoption? Central African Republic Introduces Crypto Regulations

RCA, the first African country to adopt a cryptocurrency (Bitcoin) as legal tender, it’s simply historic #Bitcoin #Crypto #RCA

After Dubai, it is the Central African Republic (CAR) which is launching. But contrary to some information circulating, the CAR is not going to adopt the Bitcoin as legal tender. The country has only introduced a law establishing the legal framework for the regulation of cryptocurrencies.

The confusion started when some news outlets announced that the CAR was going to adopt BTC as legal tender. So far, only El Salvador has done this, but CAR only wants to create a crypto-friendly environment in the country.

The bill was tabled in parliament by the Minister of Posts and Telecommunications, Justin Gourna Zacko, on April 21 and was approved on Monday. From now on, citizens will be able to pay their taxes in cryptos while companies and individuals will be able to buy bitcoin without fear.

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A certain independence from the euro that other CEMAC and WAEMU countries could imitate

Zacko praised this law because it will make remittances much easier. In addition, it would make it possible to simplify certain restrictive measures of the central bank, because people will have access to currencies other than the FCFA (the national currency), which is backed by the euro and whose monetary policies are defined by the Western countries.

The Central African Republic is one of the countries of the CFA zone. If other CFA countries follow, France’s monetary control in Africa will be over. The global economic and monetary order shaken up by bitcoin? A complementary article

On a positive note, cryptocurrency users will now be protected by law and benefit from reduced transaction costs. Offenders will be liable to a fine of 100 million to 1 billion FCFA (€152,000 to €1.52 million) or a prison sentence of up to 20 years. However, opposition MPs opposed the law, as they imagined the country would become a center for money laundering and tax evasion/evasion.

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