The Central African Republic has become the second country to adopt Bitcoin 2022-04-27 13:58:00


  • One of the poorest countries in the world has followed El Salvador in adopting Bitcoin as legal tender
  • The government focused on “quick wins” to help improve citizens’ lives and economic conditions

The Central African Republic became the second country to adopt bitcoin as a legal currency on Wednesday — even as the world’s first cryptocurrency experienced bouts of extreme volatility.

Lawmakers in the Central African Republic, which has a population of six million, adopted the bill “unequivocally” before President Faustin-Archange Touadera signed the measure into law Wednesday, according to a statement from Touadéra’s chief of staff, Obid Namsiu.

“The adoption of bitcoin as official money is a crucial step towards opening up new opportunities for our country,” Namsiu said in the statement, translated from the French.

The move comes a day after the country revealed plans for a legal framework around the use of cryptocurrencies.

Legislation focuses on defining how citizens interact with digital assets, Finance Minister Herve scars He said according to Bloomberg report. He added that the Central African Republic is not trying to imitate El Salvador, which has become first country To adopt bitcoin as legal tender in September 2021.

Central African Republic – one of the poorest countries in the world, according to world bank – Faced with more economic decline in the years of the epidemic. The International Monetary Fund approved a Seven-month employee program In December to promote economic recovery, increase GDP and improve the government’s financial position.

The local government has also expressed interest in changing the country’s economic trajectory, with a focus on taking immediate measures that can help improve the lives of citizens, Ndouba said.

He said scars within one day Interview sponsored by the World Bank This month. “We must make quick gains so that we can show the population that with the contingency plan, we can do what is necessary to secure livelihoods.”

The government has yet to provide details of cryptocurrency infrastructure or regulations regarding the use of bitcoin as legal tender. El Salvador fired State-sponsored crypto walletsa program that citizens were quick to criticize.

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    Senior Reporter

    Casey Wagner is a New York-based business journalist who covers regulations, legislation, digital asset investment firms, market structure, central banks, governments, and CBDCs. Prior to joining Blockworks, she was reporting on markets for Bloomberg News. She graduated from the University of Virginia with a BA in Media Studies. Contact Casey via email at [email protected]