Central African Republic Made Bitcoin A Legal Tender Officially

The Central African Republic made Bitcoin a legal tender officially and El Salvador is no longer the only country to recognize BTC As a national currency so let’s read more in today’s latest Bitcoin news.

The Central African Republic officially become the world’s second country to adopt BTC as a legal tender according to the President’s announcements. The International Monetary Fund heavily criticized the decision. The news was confirmed by the French news agency AFP after rumors about legal tender adoption from the standout Forbes reports.
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The report suggested that crypto adoption will help spur the nation’s economic recovery and other initiatives for keeping the peace. There was slight uncertainty about whether the legislation in question was passed unanimously and was a legal tender bill or provided a legal framework for crypto.

The reports made clear that BTC will be made legal tender in the Central African Republic alongside the CFA Franc and in the meantime, other cryptocurrencies became legalized. President Faustin Archarnge Toudera who is the Chief of Staff signed the legislation into law:

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”

The Central African Republic made BTC a legal tender while El Salvador was the first nation to pass BTC as a legal tender in 2021. the nation’s president Nayib Bukele predicted that two more countries will join this year. Bukele is known to snuff the IMF but today, the same decision from the IMF came after the CAR. It warned of large risks associated with the use of BTC on financial stability, consumer protection, and financial integrity.

The nation’s existing currency is not recognized by the IMF and it makes the international trade with CAR quite hard and heavily dependent on France. While discussing the bill, Digital Economy Minister Justin Gourna Zacko said that crypto can help the people bypass the Central Bank’s difficulty and control involved with transfers with the current system. At Bitcoin 2022, UFC Heavyweight champion Francis Ngannou claimed that BTC can be a financial solution for most Africans that can’t afford a bank account.

The Cheap international transfers are a part of what made BTC attractive in El Salvador where the remittance fees can exceed 30% via the traditional methods. For this reason, an MP from Tonga the world’s most remittance-dependent country is aiming to make BTC a currency in the region.