Bitcoin Approved As Legal Tender By The Central African Republic
Welcome back to the Tribe! In this post we are going to talk about the news that the Central African Republic Approved Bitcoin! It is the first African country to do so.
Nothing should be considered investment or financial advice. Enjoy the ride!
Central African Republic Approved Bitcoin
Bitcoin becomes an acceptable means of payment for the first time in the continent of Africa. Legislators from the Central African Republic recently approved the bill to legalize crypto in the country. The country joins El Salvador in a shortlist of countries with Bitcoin as legal tender.
It’s possible that the CAR could draw scrutiny from international financial bodies and sovereign governments from adopting Bitcoin on a national level. Organizations like the European Union and IMF have been critical regarding widespread crypto adoption in recent times.
First African Country Adopts Bitcoin
Citizens of the Central African Republic can leverage blockchain-powered digital assets as legal tender following the country’s decision to legalize cryptocurrencies.
The country’s National Assembly passed a policy geared toward legalizing the crypto industry and incentivizing the adoption of digital currencies like Bitcoin. Binance CEO Changpeng Zhao also confirmed the news via a Twitter post published on Sunday (April 24, 2022).
Two key CAR officials pioneered the bill citing economic challenges and the need for diversification in the country’s financial scene, especially regarding the adoption of disruptive technologies like blockchain and virtual assets.
Gourna Zacko, Minister of digital economy and Telecommunication, and the CAR Minister of Finance and Budget Calixte Nganongo both developed the proposal for consideration. The pair’s bill supposedly suggested approving Bitcoin as legal tender in the country, legalizing cryptos, and delivered an initial framework for regulatory policies.
Following the introduction of the policy in the National Assembly, officials declared overwhelming support for the bill, and the policies were accepted after a unanimous vote from lawmakers.
Approving Bitcoin as legal tender could revolutionize the Central African Republic’s economy by introducing digital solutions powered by blockchain technology. The bill’s approval also exposes the country’s 4.83 million population to Bitcoin and other crypto-related investments,
Central African Republic Joins El Salvador With Bitcoin Legal Tender Policy
El Salvador is another country that also passed a law legalizing Bitcoin as legal tender in a bid to bolster the local economy and tap digital innovations. The news of El Salvador’s BTC adoption first broke sometime in 2021, setting the crypto space alight with anticipation.
Indeed, the announcement marked a huge milestone in the history of crypto as a sovereign nation was about to approve the world’s leading crypto as legal tender and incentivize widespread use of digital assets.
The policy reportedly came into effect on September 7, 2021, despite market conditions. Since then, El Salvador has maintained its crypto-friendly stance, exploring ways to fuel innovation using natural resources like Volcano energy.
President Bukele also recently met with Binance CEO Changpeng Zhao to discuss regulatory policies and Bitcoin adoption.
International entities like the International Monetary Fund (IMF) and the US government followed up President Nayib Bukele’s BTC announcement with scrutiny and concerns regarding such widespread adoption of Crypto. The CAR could attract similar attention in the coming weeks.
Other News – Uniswap Blocks Wallets
Popular decentralized Ethereum-powered exchange Uniswap disclosed measures geared towards curbing illicit activities and suspicious wallet addresses. A partnership with on-chain data and security outfit TRM Labs will facilitate Uniswap’s latest decision to block addresses with shady transactions.
Central African Republic Approved Bitcoin News
Thanks for reading our post on the Central African Republic Approved Bitcoin. Leading the way for Africa is never easy, but we are happy to hear one country has finally stepped up to do so. We should expect other countries to do the same in due time.
Make sure to follow our Twitter to stay up-to-date on all things crypto!