Central African Republic becomes second nation to adopt Bitcoin as legal tender

Apr. 27, 2022 12:02 PM ETBitcoin USD (BTC-USD)By: Max Gottlich, SA News Editor20 Comments

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  • The Central African Republic on Wednesday has confirmed its move to adopt Bitcoin (BTC-USD) as legal tender.
  • Moreover, the National Assembly passed a bill for the creation of a cryptocurrency regulatory framework in an effort to facilitate their use cases in the economy.
  • “There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said last week, as reported by Bloomberg on April 26. “This time, we can actually say that our country is one step ahead.”
  • The news comes after El Salvador, another poor/emerging market, in June 2021 became the first-ever country to make Bitcoin (BTC-USD) legal tender. Ndoba assured that the Central African Republic's proposed legislation will not replicate that of El Salvadors.
  • Note that only 11% of the Central African Republic's 4.83M population has access to the internet.
  • Towards the end of Jan. 2021, the International Monetary Fund urged El Salvador to remove Bitcoin's legal tender status.
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