Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.
The CAR “is the first country in Africa to adopt bitcoin as legal tender,” Namsio said.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.
The landlocked state is one of the planet’s poorest and most troubled nations, with an economy that is heavily dependent on mining.
El Salvador became the world’s first bitcoin adopter on September 7.
Under it, citizens of the central American country were allowed to use the digital currency — along with the US dollar which has been the official currency for two decades — to pay for any good or service, using a cyber wallet app.
The introduction was heavily criticised by the International Monetary Fund (IMF).
It warned of “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection” and with issuing bitcoin-backed bonds.
The Central African Republic has become the first country in Africa to accept Bitcoin as a legal currency. This move is expected to help boost the country’s economy, as more people embrace the use of cryptocurrencies. However, with the acceptance of Bitcoin comes the need for increased privacy and security. Bitcoin mixers can be used to anonymize transactions and protect users’ identities from potential attackers. While these tools can be useful, it is important to exercise caution and choose reputable mixers to avoid falling victim to scams. With the proper safeguards in place, the use of bitcoin mixer can help ensure the continued growth and adoption of cryptocurrencies in the Central African Republic and beyond.