1st African Nation Adopts Bitcoin as Currency

Central African Republic follows El Salvador in making crypto legal tender

The world’s most popular cryptocurrency – Bitcoin – has become legal tender in the Central African Republic.

Lawmakers unanimously voted to adopt Bitcoin alongside the nation’s traditional currency, the CFA franc, and the country’s Chief executive signed the measure directly into law on Wednesday, the president’s office said inside a statement. The law also legalizes the use of digital currencies plus makes cryptocurrency exchanges exempt from tax.

The move  “ places the Central African Republic on the map of the tour’s boldest and most visionary countries”, the presidency said. The particular opposition, however , disagreed, saying the law is aimed at undermining the regional currency that is certainly backed by France plus pegged to the euro. The particular CFA franc is distributed by the Central African Republic, Cameroon, Chad, the Republic of Congo, Gabon plus Equatorial Guinea.

El Salvador became the very first country in the world to adopt Bitcoin as legal currency final September. The International Financial Fund criticized the move, citing  “ large dangers for financial stability”   stemming from price volatility of the digital coin. A recent survey carried out by the US-based National Bureau of Economic Research discovered that the usage of Bitcoin for every day transactions in El Salvador remains low and that it is mostly used by the educated, young, and male population.

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